Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 159

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 159
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44-Year-Old YoY Population Growth (000's)

Source: Green Street 2025 Apartment Outlook</div>

Demand for Rental Housing has Remained Resilient

Despite a record amount of
supply coming online in 2024, demand has remained resilient. Vacancy rates for apartments held steady at 5.1%, after nearly 600,000 units
were delivered. This robust demand, coupled with a sharp decline in new construction coming online should create a goldilocks environment
for the residential rental sector.

<div align='center'>National Apartment Vacancy Rate Trending Lower in 2025 as Completions Fall

Source: Marcus & Millichap, 2025 Economic
and Commercial Real Estate Outlook</div>

Significant Near Obsolescence in Existing Residential Rental Properties

As of 2022, only 15% of existing
single-family housing product and 17% of existing apartment product was newer than 20 years old, despite demand for modern amenities,
flexible floor plans, and updated kitchens/bathrooms. We believe that the relatively mature age of existing residential rental stock presents
a significant market opportunity to generate attractive risk-adjusted returns by providing desirable residential properties with upgraded
amenities through upgrades of existing homes, as well as developing new build-to-rent communities.

<div align='center'>82

Source: National Multi-Housing 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'>83</div>

Source: Axiometrics National Market Trends, Q1 2025

<div align='center'>84

OUR BUSINESS AND PROPERTIES</div>

Our Company

We are an externally managed