**EXHIBIT 21.1**

**LIST OF SUBSIDIARIES**

**OF**

**ASSOCIATED ESTATES REALTY CORPORATION**

|                                                            | ******State of**  | **State of** 
|----------------------------------------------------------- | ----------------- | -------------
|**Subsidiary**                                              | **Incorporation** | **Formation**
|                                                            |                   |              
|AERC of Arbor, Inc.                                         | Delaware          |              
|AERC Arrowhead Station, Inc.                                | Delaware          |              
|AERC Barrington, Inc.                                       | Delaware          |              
|AERC Bay Club, Inc.                                         | Delaware          |              
|AERC Bedford Commons, Inc.                                  | Delaware          |              
|AERC Bennell, Inc.                                          | Delaware          |              
|AERC Bolton, Inc.                                           | Delaware          |              
|AERC Bradford, Inc.                                         | Delaware          |              
|AERC Brook, Inc.                                            | Delaware          |              
|AERC Campbell, Inc.                                         | Delaware          |              
|AERC Central Park, Inc.                                     | Delaware          |              
|AERC Christopher Wren, Inc.                                 | Delaware          |              
|AERC Clinton, Inc.                                          | Delaware          |              
|AERC Colony Bay, Inc.                                       | Delaware          |              
|AERC Country Club, Inc.                                     | Delaware          |              
|AERC Country I, Inc.                                        | Delaware          |              
|AERC Cranberry Trust, Inc.                                  | Maryland          |              
|AERC Cypress Shores, Inc.                                   | Delaware          |              
|AERC Falls Atlanta, Inc.                                    | Delaware          |              
|AERC Fleet Corporation, Inc.                                | Delaware          |              
|AERC of Florida, Inc.                                       | Ohio              |              
|AERC Georgetown, Inc.                                       | Delaware          |              
|AERC of Georgia, Inc.                                       | Ohio              |              
|AERC Hampton Funding, Inc.                                  | Delaware          |              
|AERC Hampton Point, Inc.                                    | Delaware          |              
|AERC Hawthorne Hills, Inc.                                  | Delaware          |              
|AERC Heathermoor, Inc.                                      | Delaware          |              
|AERC Holly Park, Inc.                                       | Delaware          |              
|AERC KTC Properties, Inc.                                   | Delaware          |              
|AERC Kensington Grove, Inc.                                 | Delaware          |              
|AERC Lake Forest, Inc.                                      | Delaware          |              
|AERC Landings, Inc.                                         | Delaware          |              
|AERC of Maryland, Inc.                                      | Delaware          |              
|AERC Maryland Funding, Inc.                                 | Delaware          |              
|AERC Morgan Place, Inc.                                     | Delaware          |              
|AERC Muirwood Village, Inc.                                 | Delaware          |              
|AERC Newark, Inc.                                           | Delaware          |              
|AERC Oak Bend, Inc.                                         | Delaware          |              
|AERC Oaks, Inc.                                             | Delaware          |              
|AERC Pendleton, Inc.                                        | Delaware          |              
|AERC Pennsylvania Manager Trust, Inc.                       | Maryland          |              
|AERC Perimeter Lakes, Inc.                                  | Delaware          |              
|AERC Reflections, Inc.                                      | Delaware          |              
|AERC Reflections Funding, Inc.                              | Delaware          |              
|AERC Remington Place, Inc.                                  | Delaware          |              
|AERC Saw Mill Village, Inc.                                 | Delaware          |              
|AERC Sheffield, Inc.                                        | Delaware          |              
|AERC Shiloh Member, Inc.                                    | Delaware          |              
|AERC Spring, Inc.                                           | Delaware          |              
|AERC Sterling Park, Inc.                                    | Delaware          |              
|AERC Summer, Inc.                                           | Delaware          |              
|AERC of Texas, Inc.                                         | Ohio              |              
|AERC Turnberry, Inc.                                        | Delaware          |              
|AERC Vantage Villa, Inc.                                    | Delaware          |              
|AERC Waterstone, Inc.                                       | Delaware          |              
|AERC Westchester, Inc.                                      | Delaware          |              
|AERC Western Reserve, Inc.                                  | Delaware          |              
|AERC White River, Inc.                                      | Delaware          |              
|AERC Williamsburg, Inc.                                     | Delaware          |              
|AERC Windsor Pines, Inc.                                    | Delaware          |              
|AERC Wyndemere, Inc.                                        | Delaware          |              
|Aspen Lakes - - AERC, Inc.                                  | Michigan          |              
|Associated Estates Management Company                       | Ohio              |              
|Associated Estates Realty Corporation of Pennsylvania, Inc. | Ohio              |              
|The Children's Computer Co.                                 | Ohio              |              
|Construction Distributors, Inc.                             | Ohio              |              
|Ellet Apartments, Inc.                                      | Ohio              |              
|Estates Mortgage Company                                    | Ohio              |              
|Gables Indiana, Inc.                                        | Ohio              |              
|Gates Mills Club Housing, Inc.                              | Ohio              |              
|Hillwood I Apartments, Inc.                                 | Ohio              |              
|Jennings Commons Apartments, Inc.                           | Ohio              |              
|Merit Painting Services, Inc.                               | Ohio              |              
|MIG II Realty Advisors, Inc.                                | Ohio              |              
|The Oaks at the Woods Company, Inc.                         | Ohio              |              
|PatCon, Inc.                                                | Ohio              |              
|Puritas Place Apartments, Inc.                              | Ohio              |              
|Rainbow Terrace Apartments, Inc.                            | Ohio              |              
|Riverview Towers Apartments, Inc.                           | Ohio              |              
|Shaker Park Gardens II, Inc.                                | Ohio              |              
|Somerset West Apartments, Inc.                              | Ohio              |              
|State Road Apartments, Inc.                                 | Ohio              |              
|Statesman II Apartments, Inc.                               | Ohio              |              
|Sutliff Apartments, Inc.                                    | Ohio              |              
|Tallmadge Acres Apartments, Inc.                            | Ohio              |              
|Triangle Community Urban Redevelopment Corporation          | Ohio              |              
|Twinsburg Apartments, Inc.                                  | Ohio              |              
|Village Tower Apartments, Inc.                              | Ohio              |              
|West High Apartments, Inc.                                  | Ohio              |              
|                                                            |                   |              
|AERC Arbor Landings, LLC                                    |                   | Delaware     
|AERC Central Park Place, LLC                                |                   | Delaware     
|AERC Clinton Place, LLC                                     |                   | Delaware     
|AERC of Indiana, LLC                                        |                   | Indiana      
|AERC Country Place, LLC                                     |                   | Delaware     
|ARC Georgetown Park, LLC                                    |                   | Delaware     
|AERC Landings at Preserve, LLC                              |                   | Delaware     
|AERC of Michigan, LLC                                       |                   | Ohio         
|AERC of NC, LLC                                             |                   | Delaware     
|AERC Oaks Hampton, LLC                                      |                   | Delaware     
|AERC Spring Brook, LLC                                      |                   | Delaware     
|AERC Spring Valley, LLC                                     |                   | Delaware     
|AERC Steeplechase, LLC                                      |                   | Delaware     
|AERC Summer Ridge, LLC                                      |                   | Delaware     
|AERC Waterstone, LLC                                        |                   | Delaware     
|AERC White River, LLC                                       |                   | Delaware     
|Spring Valley Apartments, LLC                               |                   | Michigan     
|                                                            |                   |              

C:\99K\SUBSIDIA.WPD