SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K

                                 CURRENT REPORT

         Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: January 13, 1998



                      CORNERSTONE REALTY INCOME TRUST, INC.
         (Exact name of registrant as specified in its charter)


         VIRGINIA                   1-12875                  54-1589139
         (State of                  (Commission              (IRS Employer
         incorporation)             File Number)             Identification No.)


         306 EAST MAIN STREET
         RICHMOND, VIRGINIA                                   23219
         (Address of principal                                (Zip Code)
          executive offices)



                  Registrant's telephone number, including area code:
                                 (804) 643-1761





<PAGE>



                      CORNERSTONE REALTY INCOME TRUST, INC.

                                    FORM 8-K

                                      Index


Item 5.   Other Events

Item 7.   Financial Statements and Exhibits

          Financial Statements:
          
          None.

          Exhibits:

          99.1 Press Release  dated  January 13, 1998  announcing an increase in
               the Company's dividend rate.

          99.2 Press Release  dated January 22, 1998  reporting on the Company's
               1997 earnings.


                                      -2-

<PAGE>

Item 5.  Other Events

         On January 13, 1998 and January  22,  1998,  respectively,  Cornerstone
Realty  Income Trust,  Inc.  issued Press  Releases.  The January 13, 1998 Press
Release announces an increase in the Company's dividend rate and the January 22,
1998 Press Release reports on the Company's 1997 earnings.


CAUTIONARY STATEMENT

         Certain  matters  discussed  in this Form 8-K contain  "forward-looking
statements"  for  purposes  of Section  27A of the  Securities  Act of 1933,  as
amended (the "Securities Act") and Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act") relating to, without limitation,  possible
future  economic  performance,  plans and  objectives of  management  for future
operations,  and projections of revenue and other financial  items,  demographic
projections  and federal income tax  considerations,  which can be identified by
the use of  forward-looking  terminology that refers to or describes events that
will or may occur in the future. Such forward-looking  statements are inherently
subject to risks and  uncertainties  that could cause  future  results to differ
materially from those contained in such forward-looking  statements. Many of the
risks and  uncertainties  cannot be predicted  with  accuracy and some might not
even be  anticipated.  Although  the  Company  believes  that  the  expectations
reflected  in  such   forward-looking   statements  are  based  upon  reasonable
assumptions,  the Company can give no  assurance  that its  expectations  can be
achieved or will be realized.  Factors that would cause actual results to differ
materially from the Company's  current  expectations  include  general  economic
conditions,  economic conditions in the areas of the Company's  operations,  and
risks  associated with the  acquisition,  ownership and operation of properties,
including  unanticipated  decreases  in  revenues  or  increases  in expenses or
liabilities at the properties.



                                       -3-
<PAGE>




                                    SIGNATURE


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                        Cornerstone Realty Income Trust, Inc.


Date: January 22, 1998                  By:/s/ Stanley J. Olander, Jr.
                                           -------------------------------------
                                           Stanley J. Olander, Jr.,
                                           Chief Financial Officer
                                           Cornerstone Realty Income Trust, Inc.








                                       -4-

<PAGE>


                               Index to Exhibits


Exhibit No.                        Exhibit
-----------                        -------


99.1         Press Release dated January 13, 1998  announcing an increase in the
             Company's dividend rate.

99.2         Press  Release  dated  January 22, 1998  reporting on the Company's
             1997 earnings.



                                       -5-
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SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

         Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: January 13, 1998

                      CORNERSTONE REALTY INCOME TRUST, INC.
         (Exact name of registrant as specified in its charter)

         VIRGINIA                   1-12875                  54-1589139
         (State of                  (Commission              (IRS Employer
         incorporation)             File Number)             Identification No.)

         306 EAST MAIN STREET
         RICHMOND, VIRGINIA                                   23219
         (Address of principal                                (Zip Code)
          executive offices)

                  Registrant's telephone number, including area code:
                                 (804) 643-1761
CORNERSTONE REALTY INCOME TRUST, INC.

                                    FORM 8-K

                                      Index

Item 5.   Other Events

Item 7.   Financial Statements and Exhibits

          Financial Statements:
          
          None.

          Exhibits:

          99.1 Press Release  dated  January 13, 1998  announcing an increase in
               the Company's dividend rate.

          99.2 Press Release  dated January 22, 1998  reporting on the Company's
               1997 earnings.

                                      -2-
Item 5.  Other Events

         On January 13, 1998 and January  22,  1998,  respectively,  Cornerstone
Realty  Income Trust,  Inc.  issued Press  Releases.  The January 13, 1998 Press
Release announces an increase in the Company's dividend rate and the January 22,
1998 Press Release reports on the Company's 1997 earnings.

CAUTIONARY STATEMENT

         Certain  matters  discussed  in this Form 8-K contain  "forward-looking
statements"  for  purposes  of Section  27A of the  Securities  Act of 1933,  as
amended (the "Securities Act") and Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act") relating to, without limitation,  possible
future  economic  performance,  plans and  objectives of  management  for future
operations,  and projections of revenue and other financial  items,  demographic
projections  and federal income tax  considerations,  which can be identified by
the use of  forward-looking  terminology that refers to or describes events that
will or may occur in the future. Such forward-looking  statements are inherently
subject to risks and  uncertainties  that could cause  future  results to differ
materially from those contained in such forward-looking  statements. Many of the
risks and  uncertainties  cannot be predicted  with  accuracy and some might not
even be  anticipated.  Although  the  Company  believes  that  the  expectations
reflected  in  such   forward-looking   statements  are  based  upon  reasonable
assumptions,  the Company can give no  assurance  that its  expectations  can be
achieved or will be realized.  Factors that would cause actual results to differ
materially from the Company's  current  expectations  include  general  economic
conditions,  economic conditions in the areas of the Company's  operations,  and
risks  associated with the  acquisition,  ownership and operation of properties,
including  unanticipated  decreases  in  revenues  or  increases  in expenses or
liabilities at the properties.

                                       -3-
SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                        Cornerstone Realty Income Trust, Inc.

Date: January 22, 1998                  By:/s/ Stanley J. Olander, Jr.
                                           -------------------------------------
                                           Stanley J. Olander, Jr.,
                                           Chief Financial Officer
                                           Cornerstone Realty Income Trust, Inc.

                                       -4-
Index to Exhibits

Exhibit No.                        Exhibit
-----------                        -------

99.1         Press Release dated January 13, 1998  announcing an increase in the
             Company's dividend rate.

99.2         Press  Release  dated  January 22, 1998  reporting on the Company's
             1997 earnings.

                                       -5-