Home to a dozen Gulf Coast casinos, Keesler Air Force Base, and one of the region's most active deep-water ports, Harrison and Jackson Counties anchor the Mississippi Gulf Coast's largest population base — with Ocean Springs offering the premium family submarket next door.
The Gulfport-Biloxi MSA — spanning Harrison, Hancock, and Stone Counties — is home to roughly 426,800 residents, making it Mississippi's largest coastal economy and second-largest metro overall. Harrison County alone led all Mississippi counties in population growth in the most recent year, adding over 2,300 residents.
Demand here doesn't depend on a single employer. Twelve Gulf Coast casinos generated approximately $2.1 billion in gross gaming revenue in 2024, contributing over $300 million in state gaming taxes. Keesler Air Force Base, home to the 81st Training Wing and 2nd Air Force, trains more than 28,000 military personnel a year and injects over $1 billion annually into the local economy. The Port of Gulfport handles international cargo year-round and generates an estimated $3.8 billion in annual economic impact, with a federally approved channel-deepening project (36 to 46 feet) now underway to accommodate larger vessels. Layer in Coastal Mississippi's 15.7 million annual tourism visitors and a Mississippi State University cyber-technology campus under construction at Keesler, and the demand base spans hospitality, military, maritime, and tech.
For multifamily owners, the takeaway is a large, diversified renter pool — casino and hospitality workers, military families rotating through Keesler, port and logistics employees — that isn't tied to any one industry's cycle, with Ocean Springs next door offering a higher-income, family-oriented alternative to the coastal casino corridor.
Few Mississippi Gulf Coast markets can match the sheer number of large, stable institutions drawing renters into Harrison and Jackson Counties.
Home to the 81st Training Wing, 2nd Air Force, and the Hurricane Hunters, Keesler trains over 28,000 students a year across 400 courses and injects more than $1 billion annually into the local economy.
Twelve casinos along the Biloxi-Gulfport coastline — including Beau Rivage, Hard Rock, and Island View — generated $2.1 billion in gaming revenue in 2024, contributing over $300 million in state gaming taxes.
A deep-water international seaport handling steel, forest products, and containerized cargo, now undergoing a federally approved channel deepening from 36 to 46 feet to accommodate larger vessels.
Beaches, casinos, and coastal attractions drew 15.7 million visitors in 2024, generating over $2.2 billion in economic impact and supporting thousands of hospitality jobs.
A Mississippi State University-affiliated facility under construction at Keesler, intended to serve as the foundation for a future sovereign innovation and cyber campus.
Just across the bay from Biloxi, Ocean Springs offers a walkable, higher-income alternative to the casino corridor — appealing to renters who want coastal access without the tourism-driven pace.
Gulfport-Biloxi is one of the deeper multifamily markets on the Mississippi Gulf Coast, with Yardi Matrix tracking 175 properties totaling roughly 24,600 units across 12 submarkets. Asking rents across the MSA average around $1,087, with vacancy near 7.9% and limited new large-scale construction in the pipeline — a supply picture that has kept the market from swinging too far in either direction.
Apartment cap rates in Gulfport itself run around 7.23%, and investors report typical rental yields in the 8%-12% range across Biloxi and Gulfport, supported by a renter base that mixes military families rotating through Keesler, casino and hospitality workers, and retirees drawn to the coast. Coastal wind and flood insurance is a real underwriting variable here and should be modeled explicitly rather than assumed away.
| Gulfport-Biloxi Multifamily Snapshot | Current Figure | Trend |
|---|---|---|
| Average Asking Rent (MSA) | ~$1,087 / unit | ↑ Rising, single digits |
| Vacancy Rate (MSA) | ~7.9% | Limited new large-scale supply |
| Cap Rate Range (Gulfport) | ~7.23% | Attractive basis vs. coastal AL/FL |
| Typical Rental Yields (Biloxi/Gulfport) | 8% – 12% | Above Mississippi state average |
| Tracked Units (Yardi Matrix) | ~24,600 units / 175 properties | 12 submarkets, 12 cities |
| MSA Population | 426,793 | Harrison Co. led MS in growth |
| Avg. Operating Expenses (Larger Assets) | ~$5,695 / unit | Kirkland Co. benchmark |
| Insurance Consideration | Coastal wind/flood | Underwrite explicitly, not assumed |
Gulfport-Biloxi's demand is spread across four distinct pockets, each pulling from a different renter profile.
Beachfront hospitality and gaming employment drives steady demand for workforce housing close to the casino corridor, with shift-based renters valuing short commutes.
Military families and Keesler-affiliated contractors anchor demand close to base, with D'Iberville and North Biloxi offering practical, moderately priced product.
The region's premium family submarket — walkable, higher-income, and insulated from the tourism-driven pace of the casino corridor, just across the bay from Biloxi.
Port, logistics, and downtown Gulfport employment supports a workforce renter base close to the region's largest cargo facility and Harrison County's seat of government.
Gulfport-Biloxi offers something few secondary Gulf Coast markets can match: real depth. With roughly 24,600 tracked units across 12 submarkets, investors get genuine comp sets and liquidity that smaller markets like Bay Minette or Saraland simply can't offer — while still pricing at a 7%+ cap rate basis.
Most Gulf Coast secondary markets lean on a single catalyst. Gulfport-Biloxi runs on four at once — a $2.1 billion casino industry, a $1 billion-plus military base, a $3.8 billion port undergoing a federally approved channel deepening, and 15.7 million annual tourists — which diversifies the renter base across hospitality, military, maritime, and logistics employment rather than concentrating risk in one sector.
Harrison County's population growth, a MSU cyber-technology campus now under construction at Keesler, and a constrained new-supply pipeline (only 144 units under development regionwide as of the most recent count) all point toward continued rent growth on top of an already-attractive cap rate basis. Ocean Springs offers a natural pairing for investors who want both a workforce-housing play near the casino corridor and a premium family submarket in the same trade area.
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