Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 164

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 164
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 Lake City, San Antonio, Raleigh, Atlanta, Nashville and Huntsville.
Within each metropolitan area, we typically focus on first-ring suburban markets, which are areas within close proximity to downtown amenities,
including restaurants and retail shopping.

The Sunbelt is a substantial part of our target market. The Sunbelt holds 50% of the nation’s population (335 million) and is expected to rise to 55% by 2040.1 Over the past decade, the region accounted for 80% of
U.S. population growth (12 million of the total 15 million increase). Over the next decade, Sunbelt population growth is expected to accelerate
by 11 million (+6.7%), whereas non-Sunbelt state population is forecasted to increase by only 475,000 (+0.3%).2
This large population increase in our target markets is expected to provide for strong fundamentals into the future.

| (1) | Source: Clarion, April 2024. There are 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