EXHIBIT 23.2

Consent of Independent Auditors

We consent to the reference to our firm under the caption “Experts” in the Registration Statement (Form S-3 No. 333-00000) and related Prospectus of Cornerstone Realty Income Trust, Inc. for the registration of 223,000 shares of its Common Stock, and to the incorporation by reference therein of our report dated February 10, 2004, with respect to the consolidated financial statements and schedule of Cornerstone Realty Income Trust, Inc. included in its Annual Report (Form 10-K) for the year ended December 31, 2003, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Richmond, Virginia

March 11, 2004