Filed Pursuant to Rule 424(b)(7)
Registration No. 333-22419
PRICING SUPPLEMENT NO. 10, dated September 23, 1997
This Pricing Supplement is used in reliance on Rule 434 under the
Securities Act of 1933, as amended (the "Act"), and supplements
the Prospectus dated March 7, 1997 and the Prospectus Supplement
dated April 30, 1997. For purposes of Section 10(a) of the Act,
the final prospectus relating to the securities offered hereby
consists of this Pricing Supplement, the Prospectus and the
Prospectus Supplement and the documents incorporated therein by
reference.
$102,500,000
Associated Estates Realty Corporation
Medium-Term Notes Series X
Fixed Rate Notes
Due from 9 Months or More From Date of Issue
Principal Amount: $20,000,000
Issue Price: 100%
Original Issue Date: September 26, 1997
Maturity Date: September 27, 1999
Interest Rate: 6.18%
Agent's Commission: .25%
Agent's Capacity: Agent
Net Proceeds to Company: $19,950,000
Agent: Lehman Brothers Inc.
This Pricing Supplement supplements the Prospectus and Prospectus
Supplement with respect to both (1) the initial offering of
Medium-Term Notes Series X and (2) market-making transactions in
Medium-Term Notes Series X by Lehman Brothers Inc.
C:\MTN\424PS10.WPD