FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report

                    U. S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Form 10-QSB

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                 For the quarterly period ended May 31, 1998
                                      or
[ ]  TRANSITION REPORT  PURSUANT  TO  SECTION 13  OR  15(d)  OF  THE  SECURITIES
     EXCHANGE ACT OF 1934

               For the transition period from.........to.........

                         Commission file number 0-11574

                    SHELTER PROPERTIES V LIMITED PARTNERSHIP
       (Exact name of small business issuer as specified in its charter)

         South Carolina                                        57-0721855
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                             Identification No.)

                  One Insignia Financial Plaza, P.O. Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                           Issuer's telephone number

Check whether the issuer (1) filed all  reports required to be filed by  Section
13 or 15(d) of the Exchange Act during the  past 12 months (or for such  shorter
period that the registrant was required to file such reports), and (2) has  been
subject to such filing requirements for the past 90 days.  Yes X . No   .


                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

a)
                    SHELTER PROPERTIES V LIMITED PARTNERSHIP
                           CONSOLIDATED BALANCE SHEET
                                  (Unaudited)
                        (in thousands, except unit data)
                                  May 31, 1998

Assets
  Cash and cash equivalents                                  $ 3,848
  Receivables and deposits                                       928
  Restricted escrows                                           1,054
  Other assets                                                   642
  Investment properties:
    Land                                          $  4,242
    Buildings and related personal property         71,420
                                                    75,662
    Less accumulated depreciation                  (41,914)   33,748
                                                                  
                                                             $40,220

Liabilities and Partners' Capital (Deficit)
Liabilities
  Accounts payable                                           $    86
  Tenant security deposit liabilities                            392
  Accrued property taxes                                         360
  Other liabilities                                              445
  Mortgage notes payable                                      31,315

Partners' Capital (Deficit)                       $   (326)
  General partners
  Limited partners (52,538 units
       issued and outstanding)                       7,948     7,622
                                                                   
                                                             $40,220

          See Accompanying Notes to Consolidated Financial Statements


b)                   SHELTER PROPERTIES V LIMITED PARTNERSHIP
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
                      (in thousands, except per unit data)


                              Three Months Ended       Six Months Ended
                                    May 31,                 May 31,
                                1998       1997        1998        1997
Revenues:
  Rental income                $3,284     $3,107      $6,568      $6,198
  Other income                    230        230         433         440
     Total revenues             3,514      3,337       7,001       6,638

Expenses:
  Operating                     1,495      1,564       2,875       3,072
  General and administrative       97         96         202         167
  Depreciation                    730        747       1,450       1,482
  Interest                        685        694       1,369       1,389
  Property taxes                  219        203         420         412
     Total expenses             3,226      3,304       6,316       6,522
                                                                       
     Net income                $  288     $   33      $  685      $  116

Net income allocated to
  general partners (1%)        $    3     $   --      $    7      $    1
Net income allocated to
  limited partners (99%)          285         33         678         115
                               $  288     $   33      $  685      $  116

Net income per limited
  partnership unit             $ 5.42     $ 0.63      $12.90      $ 2.19

          See Accompanying Notes to Consolidated Financial Statements

c)
                    SHELTER PROPERTIES V LIMITED PARTNERSHIP
        CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                                  (Unaudited)
                        (in thousands, except unit data)


                                 Limited
                               Partnership  General    Limited
                                  Units     Partners   Partners     Total

                                                                         
Original capital contributions    52,538     $   2     $52,538     $52,540

Partners' (deficit) capital
  at November 30, 1997            52,538     $(333)    $ 7,825     $ 7,492

Net income for the six
  months ended May 31, 1998           --         7         678         685

Partners' distributions paid          --        --        (555)       (555)

Partners' (deficit) capital
  at May 31, 1998                 52,538     $(326)    $ 7,948     $ 7,622

          See Accompanying Notes to Consolidated Financial Statements


d)                   SHELTER PROPERTIES V LIMITED PARTNERSHIP

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)


                                                         Six Months Ended
                                                              May 31,
                                                         1998         1997
Cash flows from operating activities:
  Net income                                           $   685     $   116
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Depreciation                                         1,450       1,482
    Amortization of discounts and loan costs                90          89
    Change in accounts:
      Receivables and deposits                            (202)        (20)
      Other assets                                          97         (43)
      Accounts payable                                     (59)       (231)
      Tenant security deposit liabilities                   30          29
      Accrued property taxes                               152          37
      Other liabilities                                      9        (167)

         Net cash provided by operating activities       2,252       1,292

Cash flows from investing activities:
  Property improvements and replacements                  (409)       (619)
  Withdrawals from restricted escrows                      195         158

         Net cash used in investing activities            (214)       (461)

Cash flows from financing activities:
  Payments on mortgage notes payable                      (232)       (214)
  Loan costs paid                                           --         (12)
  Partners' distributions                               (1,305)     (3,520)

         Net cash used in financing activities          (1,537)     (3,746)

Net increase (decrease) in cash                            501      (2,915)

Cash and cash equivalents at beginning of period         3,347       6,103
                                                                         
Cash and cash equivalents at end of period             $ 3,848     $ 3,188

Supplemental disclosure of cash flow information:
  Cash paid for interest                               $ 1,280     $ 1,266

          See Accompanying Notes to Consolidated Financial Statements

e)
                    SHELTER PROPERTIES V LIMITED PARTNERSHIP

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)

Note A - Basis of Presentation

The  accompanying  unaudited  consolidated   financial  statements  of   Shelter
Properties V (the "Partnership") have been prepared in accordance with generally
accepted accounting principles  for interim financial  information and with  the
instructions to Form 10-QSB and Article 310(b) of Regulation S-B.   Accordingly,
they do not include all of  the information and footnotes required by  generally
accepted accounting  principles  for  complete financial  statements.    In  the
opinion of Shelter Realty V Corporation  (the "Corporate General Partner"),  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation  have been  included.   Operating results  for the  six  month
period ended May 31,  1998, are not necessarily  indicative of the results  that
may be expected  for the  fiscal year  ending November  30, 1998.   For  further
information, refer to the financial statements and footnotes thereto included in
the Partnership's annual report on Form  10-KSB for the year ended November  30,
1997.

Certain reclassifications have been made to  the 1997 information to conform  to
the 1998 presentation.

Note B - Reconciliation of Cash Flows

The following is a reconciliation of the subtotal on the accompanying statements
of cash flows captioned "net cash provided by operating activities" to "net cash
used in operations,"  as defined in  the Partnership Agreement.   However,  "net
cash used in operations" should not  be considered an alternative to net  income
as an indicator of the Partnership's operating performance or to cash flows as a
measure of liquidity.
                                                   Six Months Ended
                                                        May 31,
                                                   1998          1997
                                                     (in thousands)

Net cash provided by operating activities        $ 2,252       $ 1,292
   Payments on mortgage notes payable               (232)         (214)
   Property improvements and replacements           (409)         (619)
   Change in restricted escrows, net                 195           158
   Changes in reserves for net operating 
      liabilities                                    (27)          395
   Additional reserves                            (1,779)       (1,015)
         Net cash used in operations             $    --       $    (3)

At May 31, 1998, the Corporate General Partner reserved an additional $1,779,000
to fund continuing capital improvements and repairs at all of the properties.

At May 31, 1997, the Corporate  General Partner reserved an additional  $699,000
to fund  capital improvement  projects at  the  three properties  refinanced  in
November 1996, as required by the lender, along with funding continuing  capital
improvements and repairs at the four other properties.

Note C - Transactions with Affiliated Parties

The Partnership  has no  employees and  is dependent  on the  Corporate  General
Partner and  its  affiliates  for  the  management  and  administration  of  all
partnership  activities.  The  Corporate  General  Partner  is  wholly-owned  by
Insignia Properties Trust  ("IPT"), an  affiliate of  Insignia Financial  Group,
Inc.  ("Insignia").    The  Partnership  Agreement  provides  for  payments   to
affiliates for services  and as reimbursement  of certain  expenses incurred  by
affiliates on  behalf  of  the  Partnership.  The  following  transactions  with
Insignia Financial Group,  Inc. and  its affiliates  were incurred  in 1998  and
1997:
                                                               Six Months Ended
                                                                    May 31,
                                                                 1998     1997
                                                                (in thousands)

Property management fees (included in operating expenses)        $351      $330
Reimbursement for services of affiliates (included in general
 and administrative expenses and investment properties) (1)       126       156

(1) Included in "Reimbursements for Services of Affiliates" for 1998 and 1997 is
    approximately  $4,000   and  $39,000,  in  reimbursements  for  construction
    oversight costs.

For the period of December 1, 1996  to August 31, 1997, the Partnership  insured
its properties  under a  master policy  through an  agency affiliated  with  the
Corporate General  Partner  with  an insurer  unaffiliated  with  the  Corporate
General Partner.  An affiliate of the Corporate General Partner acquired, in the
acquisition of  a  business, certain  financial  obligations from  an  insurance
agency which was later acquired by the agent who placed the master policy.   The
agent assumed  the  financial obligations  to  the affiliate  of  the  Corporate
General Partner, which  receives payment on  these obligations  from the  agent.
The amount of the  Partnership's insurance premiums accruing  to the benefit  of
the affiliate  of  the  Corporate  General Partner  by  virtue  of  the  agent's
obligations was not significant.

On March 17,  1998, Insignia  entered into an  agreement to  merge its  national
residential property management operations, and its controlling interest in IPT,
with Apartment Investment  and Management Company  ("AIMCO"), a publicly  traded
real estate investment trust.   The closing, which  is anticipated to happen  in
the third  quarter  of  1998, is  subject  to  customary  conditions,  including
government approvals  and  the approval  of  Insignia's shareholders.    If  the
closing occurs, AIMCO  will then control  the Corporate General  Partner of  the
Partnership.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The Partnership's investment  properties consist of  seven apartment  complexes.
The following table sets forth the  average occupancy of the properties for  the
quarters ended May 31, 1998 and 1997:

                                            Average
                                           Occupancy
                                        1998       1997

Foxfire Apartments
  Atlanta, Georgia                       93%        92%

Old Salem Apartments
  Charlottesville, Virginia              94%        94%

Woodland Village Apartments
  Columbia, South Carolina               91%        87%

Lake Johnson Mews
  Raleigh, North Carolina                94%        93%

The Lexington Apartments
  Sarasota, Florida                      96%        97%

Millhopper Village Apartments
  Gainesville, Florida                   96%        93%

Tar River Estates
  Greenville, North Carolina             97%        92%

The Corporate General Partner attributes the increase in occupancy at Millhopper
Village Apartments to exterior  renovations.  The increase  in occupancy at  Tar
River Estates is attributable to a decrease in new construction in the submarket
and to exterior  and interior improvements  completed over the  last two  years.
The increase  in occupancy  at  Woodland Village  is  a result  of  management's
intensified marketing efforts.

Results of Operations

The Partnership's  net  income  for the  six  months  ended May  31,  1998,  was
approximately $685,000 compared to approximately $116,000 for the  corresponding
period in 1997.  The Partnership  reported net income of approximately  $288,000
for the three months ended May 31, 1998,  compared to net income of $33,000  for
the corresponding  period in  1997.  The increase  in  net income  is  primarily
attributable to  an  increase in  rental  income  and a  decrease  in  operating
expenses.  The increase in rental income is due predominately to the increase in
average occupancy at five of the  Partnership's seven properties.  The  decrease
in operating  expenses is  due to  a  decrease in  maintenance expenses  due  to
preventative repairs to exterior  patios and balconies  which were performed  at
Lexington Green and extensive landscaping improvements at Foxfire, Lake  Johnson
Mews, Tar River Estates and The Lexington, all of which were performed in  1997.
Offsetting the above  increases in  net income was  an increase  in general  and
administrative expenses  due to  increases in  audit  fees and  general  partner
reimbursements.

Included in  operating  expenses  for the  six  months  ended May  31,  1998  is
approximately $55,000 of  major repairs and  maintenance comprised primarily  of
exterior building repairs, major landscaping and window coverings.  For the  six
months ended May 31, 1997 operating expenses included approximately $233,000  of
major repairs and maintenance comprised primarily of exterior building  repairs,
exterior painting, and major landscaping.

As part of the ongoing business  plan of the Partnership, the Corporate  General
Partner monitors  the  rental  market environment  of  each  of  its  investment
properties to  assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing occupancy levels  and protecting  the Partnership  from increases  in
expenses.   As part  of this  plan, the  Corporate General  Partner attempts  to
protect the  Partnership  from  the burden  of  inflation-related  increases  in
expenses by increasing  rents and maintaining  a high  overall occupancy  level.
However, due  to changing  market conditions,  which can  result in  the use  of
rental concessions and rental reductions to offset softening market  conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.

Liquidity and Capital Reserves

At May 31, 1998, the Partnership had cash and cash equivalents of  approximately
$3,848,000 compared  to approximately  $3,188,000  at May  31,  1997.   The  net
increase (decrease) in cash  and cash equivalents for  the six months ended  May
31, 1998 and 1997 is $501,000 and $(2,915,000), respectively.  Net cash provided
by operating activities increased due to the increase in net income as discussed
above, along with  increases in accounts  payable, accrued  property taxes,  and
other liabilities due to  the timing of payments  to creditors.  Offsetting  the
above is an increase in receivables and deposits  as a result of an increase  in
tax and insurance escrows.  Net cash used in investing activities decreased as a
result of  a  decrease in  property  improvements  and replacements  and  by  an
increase in  withdrawals from  reserved escrows.   Net  cash used  in  financing
activities decreased  as a  result of  a  decrease in  partners'  distributions.
Distributions were larger  for the  six months  ended May  31, 1997  due to  the
distribution of  excess  funds  from the  refinancing  of  three  properties  in
November 1996.

The sufficiency of existing liquid assets  to meet future liquidity and  capital
expenditure  requirements  is   directly  related  to   the  level  of   capital
expenditures required at the property to adequately maintain the physical assets
and other operating needs of the Partnership.  Such assets are currently thought
to be  sufficient for  any near-term  needs of  the Partnership.   The  mortgage
indebtedness of approximately  $31,315,000, net of  discount, is amortized  over
varying periods with required balloon payments ranging from February 1, 1999, to
November 1, 2003,  at which  time the properties  will either  be refinanced  or
sold.   During  the  first  six  months  of  1998  the  Partnership  distributed
approximately $1,305,000  to the  partners, $750,000  of  which was  accrued  at
November 30, 1997.   The remaining  $555,000 was from  refinancing proceeds  and
accordingly was distributed entirely to the  limited partners.  The  Partnership
made a distribution  during the corresponding  period of  1997 of  approximately
$3,520,000. The Corporate General Partner  anticipates making a distribution  of
approximately $1,000,000  during September  or October  of  1998.   Future  cash
distributions will depend on the levels  of net cash generated from  operations,
property sales, and the availability of cash reserves.

Year 2000

The Partnership is dependent upon the Corporate General Partner and Insignia for
management and administrative  services.  Insignia  has completed an  assessment
and will have to modify or replace portions of its software so that its computer
systems will  function properly  with respect  to  dates in  the year  2000  and
thereafter (the "Year 2000  Issue").  The project  is estimated to be  completed
not later than December 31,  1998, which is prior  to any anticipated impact  on
its operating  systems.    The Corporate  General  Partner  believes  that  with
modifications to existing  software and conversions  to new  software, the  Year
2000 Issue  will not  pose significant  operational  problems for  its  computer
systems. However, if such modifications and conversions are not made, or are not
completed timely,  the Year  2000 Issue  could  have a  material impact  on  the
operations of the Partnership.

Other

Certain items discussed in this quarterly report may constitute  forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the  "Reform  Act") and  as  such may  involve  known and  unknown  risks,
uncertainties and other factors which may cause the actual results,  performance
or achievements of the  Partnership to be materially  different from any  future
results, performance  or  achievements expressed  or  implied by  such  forward-
looking statements.  Such forward-looking statements  speak only as of the  date
of this quarterly report.  The Partnership expressly disclaims any obligation or
undertaking to release publicly any updates of revisions to any  forward-looking
statements  contained  herein  to  reflect  any  change  in  the   Partnership's
expectations with  regard  thereto  or  any  change  in  events,  conditions  or
circumstances on which any such statement is based.


                          PART II - OTHER INFORMATION

Item 1.  LEGAL PROCEEDING

In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced  an action  entitled Rosalie  Nuanes, et  al. v.  Insignia
Financial Group, Inc., et al. in the  Superior Court of the State of  California
for the County of San Mateo.  The Plaintiffs named as defendants, among  others,
the Partnership, the Corporate General Partner  and several of their  affiliated
partnerships and corporate entities.  The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number  of
limited partnerships  (including the  Partnership) which  are named  as  nominal
defendants, challenging  the  acquisition  by  Insignia  Financial  Group,  Inc.
("Insignia")  and  its  affiliates  of  interests  in  certain  general  partner
entities,  past  tender  offers  by  Insignia  affiliates  to  acquire   limited
partnership units, the management of partnerships by Insignia affiliates as well
as a recently announced agreement between Insignia and Apartment Investment  and
Management Company.  The complaint seeks monetary damages and equitable  relief,
including judicial  dissolution  of  the Partnership.    The  Corporate  General
Partner was only  recently served  with the complaint  which it  believes to  be
without merit, and intends to vigorously defend the action.

The Partnership is unaware of any  other pending or outstanding litigation  that
is not of a  routine nature.   The Corporate General  Partner believes that  all
such pending  or outstanding  litigation will  be  resolved without  a  material
adverse effect  upon the  business, financial  condition  or operations  of  the
Partnership.

ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K

  a)   Exhibits:

       Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
       report.

  b)   Reports on Form 8-K filed during the quarter ended May 31, 1998:
       None.


                                   SIGNATURES

  In  accordance with  the  requirements of  the  Exchange Act,  the  registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                             SHELTER PROPERTIES V LIMITED PARTNERSHIP

                             By: Shelter Realty V Corporation
                                 Corporate General Partner


                             By: /s/William H. Jarrard, Jr.
                                 William H. Jarrard, Jr.
                                 President/Director


                             By: /s/Ronald Uretta                
                                 Ronald Uretta
                                 Vice President/Treasurer

                             Date:  July 13, 1998