Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 47

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 47
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 future                                                                                                                             
 downturn in the U.S. economy and high unemployment could result in tenant defaults under leases, vacancies in our properties and       
 concessions or reduced rental rates under new leases due to reduced demand. In addition, such downturns could result in reduced demand 
 for residential rental properties, which may reduce home prices and make home purchases more affordable as an alternative to renting,  
 which also may materially adversely reduce the demand for residential rental properties;                                               |

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| · | tariffs imposed                                                                                                                             
 by the current administration and/or other countries may cause further inflationary pressures in the economy, uncertainty and volatility    
 of debt and equity markets, and a slowdown in the U.S. and global economies. Such tariffs are likely to increase construction costs         
 and further reduce already constrained new supply starts, which could adversely impact the timing of actual completion and/or stabilization 
 of our build-to-rent communities, including potential delays due to supply shortages and labor shortages;                                   |

| · | the rate of                                                                                                                            
 household formation or population growth in our target markets or a continued or exacerbated economic slow-down experienced by the     
 local economies where our properties are located or by the real estate industry generally may result in changes in supply of or demand 
 for our residential rental properties; and                                                                                             |

| · | the failure                                                                                                                            
 of the real estate market to attract the same level of capital investment in the future that it attracted at the time of our purchases 
 or a reduction in the number of companies seeking to acquire properties may result in the value of our investments not appreciating    
 or decreasing, possibly significantly, below the amount we pay for these investments.                                                  |

The length and severity of
any economic slow-down or downturn cannot be predicted. Our operations and, as a result, our ability to make distributions to our stockholders
and/or our ability to realize appreciation in the value of our properties could be materially and adversely affected to the extent that
an economic slow-down or downturn is prolonged or becomes severe.

Our revenues are significantly influenced by demand for residential rental properties generally, and a decrease in such demand will likely have a greater adverse effect on our revenues than if we owned a more diversified real estate portfolio.

Our current portfolio is
focused predominately on residential rental properties, and we expect that our portfolio going forward will focus predominately on the
same. As a result, we are subject to risks inherent in investments in a single industry, and a decrease in the demand for residential
rentals would likely have a greater