Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 166

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 166
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27 markets with a population over or near 1 million, and the seven largest cities are Los Angeles, Houston, Atlanta, Dallas, Phoenix, San Francisco, and Riverside. |

| (2) | Source: Clarion. Through 2033, Texas, Florida, and California, followed by Arizona, North Carolina, and Georgia, have been each been forecasted to grow by 4.9 million, 3.4 million, 2.4 million, 1.6 million, 1.6 million, and 1.5 million, respectively. |

We believe our approach of
focusing on Knowledge/Quality markets with employment and income growth should not only contribute to achieving strong rental demand and
occupancy but should also enable us to achieve revenue growth to deliver attractive risk-adjusted returns within our portfolio.

Geographically, the majority
of our existing portfolio is positioned in the Sunbelt (see map below). According to a study by John Burns Real Estate Consulting conducted
in 2021 and a study by the Cooper Center at the University of Virginia published in 2018, the Sunbelt is home to approximately 40% of
all U.S. households and is expected to experience average population growth in excess of 10% between 2020 to 2030. Additional existing
markets include high-growth areas of the West (excluding California) and other markets with similar attractive demographics as warranted.
We believe that the diverse balance of larger and smaller markets within our core footprint, along with a strong current cash flow base
and value-add upside, will enable us to deliver attractive investment returns across a full economic cycle.

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We select and continuously
evaluate our target markets through an analysis of demographic data at both the market and submarket levels, which may include the following:

| · | Strong Economic Drivers. Economy characterized by growth industries and jobs of the future such as healthcare and technology, signaling near- and long-term employment growth, relatively low housing affordability and low rent-to-income ratios that allow for future rent increases. |

| · | Favorable Business Climate. Regulatory conditions that attract, retain, and foster job growth and new business development including lower tax rates and right-to-work states. |

| · | Robust Infrastructure. Growing economic base driven by the presence of technology centers, major colleges and universities, healthcare, trade, next-generation high value-add manufacturing, government industries, and modern transportation facilities and networks. |

| · | Renter Demographics. The presence of