Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 29

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 29
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A fees, maintenance, insurance and utilities costs; |

| · | weather conditions that may increase or decrease energy costs and other weather-related expenses; |

| · | oversupply of residential housing or a reduction in demand for real estate in the markets in which our properties are located; |

| · | costs and time period required to convert acquisitions to rental properties; |

| · | a favorable interest rate environment that may result in a significant number of potential residents of our properties deciding to purchase homes instead of renting; |

| · | rules, regulations and/or policy initiatives by government and private actors, including HOAs, to discourage or deter the purchase of residential properties by entities owned or controlled by institutional investors; |

| · | construction of new supply; |

| · | changes in, or increased costs of compliance with, laws and/or governmental regulations, including those governing usage, zoning, the environment and taxes; and |

| · | rent control or stabilization laws, or other laws regulating rental housing, which could prevent us from raising rents to offset increases in operating costs. |

Moreover, other factors may
adversely affect our results of operations, including potential liability under environmental and other laws and other unforeseen events,
many of which are discussed elsewhere in the following risk factors. Any or all of these factors could materially adversely affect our
results of operations through decreased revenues or increased costs.

<div align='center'>22</div>

Many of our costs, such as operating expenses and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation.

Inflation in the United States
remained elevated throughout 2023 and 2024 and may continue to remain high in the future. While inflation has shown signs of moderating,
it remains uncertain whether substantial inflation in the United States will be sustained over an extended period of time or have a significant
effect on the United States or other economies. Rising inflation could have an adverse impact on our operating expenses as well as our
general and administrative expenses. For example, it is possible that the impact of the rate of inflation may not be adequately offset
by annual rent escalations or the resetting of rents from our renewal and re-leasing activities, which may adversely affect our business,
financial condition, results of operations, and cash flows. Compensation costs and professional service fees are also subject to the impact
of inflation and are expected to increase proportionately with increasing market prices for such services. Consequently, inflation may
increase our general and administrative expenses over