Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 162

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 162
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 Council, U.S. Apartment
Demand through 2035</div>

Forecasts Signal Healthy Rent Growth for Residential Rental Properties

We expect healthy effective
rent growth for new residential rental leases across our target markets and portfolio. John Burns Real Estate Consulting data show a cumulative
projected rent increase of 14.2% in single family rental asking rents from 2024 through 2027 on average across the United States with
higher increases in many of our target markets.

<div align='center'>Source: John Burns Real Estate Consulting, December 2024</div>

We expect these strong fundamentals
to also continue for the apartment sector. According to Axiometrics, national apartment occupancy is projected to stay stable through
Q2 2030 at more than 95% and rent growth is forecasted to average 3.2% per year or 16.8% cumulatively for the same time period.

<div align='center'>85</div>

Source: Axiometrics National Market Trends, Q1 2025

<div align='center'>86

OUR BUSINESS AND PROPERTIES</div>

Our Company

We are an externally managed
REIT formed to assemble a portfolio of institutional residential properties including single-family homes, build-to-rent communities,
and other residential communities, located in attractive markets with a focus on the knowledge-economy and high quality of life (“Knowledge/Quality”)
growth markets of the Sunbelt and Western United States. Our principal business objective is to generate attractive risk-adjusted returns
on investments where we believe we can drive growth in FFO and NAV by acquiring residential units, developing residential communities,
and through Value-Add renovations. Our Value-Add strategy focuses on repositioning lower-quality, less current assets to drive rent growth
and expand margins to increase net operating income and maximize returns to our investors.

Our target renter pool includes
the large cohort of rental-biased and debt-burdened millennials, among others, who are reaching their peak household-formation age, have
a propensity for renting for lifestyle or flexibility reasons, and/or who do not want or cannot afford the upfront and ongoing financial
commitments of home ownership.

We expect these Knowledge/Quality
markets to have healthy long-term demand fundamentals for residential rentals. In addition, we believe that our moderate initial rent
price points will deliver durable income streams with relatively low turnover, and with potential for upside growth over time.

We utilize a number of investment
strategies to drive growth in FFO and NAV