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Gulfport-Biloxi

2024 Q4 Multifamily Market Overview

 

In this report:

Market Highlights

Also referred to as Coastal Mississippi, the Gulfport-Biloxi MSA is the state’s 2nd largest region with a population of 421,916 and an apartment inventory of 171 properties and 25,090 units. While Gulfport and Biloxi are the largest 2 cities in the area, other nearby communities include Pascagoula, Ocean Springs, Gautier, Long Beach, Moss Point, and Pass Christian. With 62 miles of coastline along the Gulf of Mexico, the region is ideal for tourism, shipbuilding, and defense. Beaches and casinos drive the $2.7 billion tourism industry, and Island View Casino Resort is one of the Top 10 best casinos in the country. Ingalls Shipbuilding is the largest employer in the state, and Keesler Air Force Base is a major presence in the region. The Chevron Refinery in Pascagoula is the company’s largest U.S. refinery and one of the top petroleum refiners in the U.S. Singing River Health System anchors the region’s healthcare system, and Gulfport/Biloxi schools are ranked the best in the state.

 

 

Gulfport-Biloxi Economy

The major industries in Gulfport-Biloxi include:

  • Maritime: The Port of Gulfport is 250 acres with 6,000 feet of berthing space and 400,000 SF of covered warehouse space. Ingalls Shipbuilding, Naval Construction Battalion Center, Bollinger Mississippi Repair, & Bollinger Mississippi Shipbuilding all have a major presence
  • Tourism: Located along the coast, visitors have plenty of reason to travel to the area to visit beaches, casinos, hotels, and resorts
  • Manufacturing: Companies like Allen Beverages, Chevron, and Chemours are located in coastal Mississippi
  • Healthcare: The Singing River Health System employs 3,000 people and operates 3 hospitals totaling 701 beds – Ocean Springs Hospital, Pascagoula Hospital, and Singing River Gulfport

Population Analysis

 

Gulfport-Biloxi MSA Population

The Gulfport-Biloxi MSA has a current population of 421,916. Harrison County, home to both Gulfport & Biloxi, is the most populous county within the MSA (210,612). Jackson County (Ocean Springs, Pascagoula, & Moss Point) adds 146,389 to the MSA’s population. Overall, the MSA has grown 1.27% from 2020 to 2023.

Demographics

Total Population (MSA)
421,916
Population Growth (2020-23)
1.27%
Unemployment Rate (September 2024)
2.9%
#1
2025 Best School Districts in MS (Biloxi - Niche.com)
#2
Largest Metro in Mississippi (US Census Bureau)
#12
The South's Cities on the Rise (Southern Living)

Multifamily Highlights

Apartment Market Overview:

171
Apartment Communities (50+ units)
25,090
Total Units (50+ units)
$1,087
Avg. Asking Rent
4.1%
Rent Growth (Previous 12 Months)
92.1%
Occupancy

12-Month Sales:

$130M
12-month Sales Volume ($)
2,414
12-month Sales (Units)
19
12-month Sales (# of transactions)

Development Pipeline:

1
Property Under Construction
144
Units Under Construction

Gulfport-Biloxi Multifamily Analysis

 

The Gulfport-Biloxi MSA has 171 apartments of over 50+ units, for a total of 25,090 units. 156 units were delivered in the last 12 months (CoStar), but very minimal inventory growth is expected over the next several years.

The MSA has remained fairly steady over the last several years, due to a stable employment base and marginal population gain. The Average Rent in Gulfport-Biloxi is $1,087, and the Vacancy Rate is 7.90% with a 12-Month Rent Growth of 4.1% (CoStar). Average Expenses are $5,695 per unit in Gulfport and $5,725 per unit in Biloxi (TKC’s Expense Averager Tool).

As expected, Biloxi (48 multifamily properties of 50+ units) and Gulfport (44 multifamily properties of 50+ units) account for 60% of the MSA’s total units.

 

Economic Development

Buc-ee’s is under construction on a new restaurant and gas station, set to open in the spring of 2025. This 74,000-square-foot facility is expected to become a cornerstone development near Menge Avenue, contributing to the growth of the Gulfport-Biloxi region and creating over 200 jobs upon completion.

The IP Casino Resort has plans to spend $3.6 million to improve all of its suites at the hotel. The renovations will transform the 48 one- and two-bedroom suites into more luxurious options for visitors.

The Mobile, AL council voted to fund an Amtrack passenger train from New Orleans, LA to Mobile, AL. This Amtrack system will have stops along four Mississippi Gulf Coast cities – Bay St. Louis, Gulfport, Biloxi, and Pascagoula. The new route is projected to start in the Spring of 2025, with a goal to get it up and running by the Super Bowl (February 9th, 2025 in New Orleans).

 

Major Employers

  1. Ingalls Shipbuilding

    11,000 jobs  | Learn More

  2. Keesler Air Force Base

    6,725 jobs (active duty & civilian)  | Learn More

  3. Naval Construction Battalion Center

    5,400 jobs (active duty & civilian)  | Learn More

  4. Singing River Health System

    3,000 jobs / 701 beds  | Learn More

  5. Chevron Pascagoula Plant

    2,778 jobs (employees & contractors)  | Learn More

  6. Keesler Medical Center

    1,700 jobs / 60 beds  | Learn More

  7. Jackson County School District

    1,311 jobs  | Learn More

  8. Bollinger Shipyards (Bollinger Mississippi Repair & Bollinger Mississippi Shipbuilding)

    1,200 jobs  | Learn More

  9. Pascagoula-Gautier District (PGSD)

    1,100 jobs  | Learn More

  10. Chemours (DeLisle Plant)

    300,000 SF distribution center  | Learn More

Other Demand Drivers

  1. The Promenade

    621,448 SF; Target, Best Buy, Dick's, Old Navy  | Learn More

  2. Gulfport-Biloxi International Airport

    800,000 annual visitors; 6 commercial airlines  | Learn More

  3. Island View Casino & Beach View Casino

    126,000 SF casino; 2,400 slots & 49 table games; Top 10 casino nationally  | Learn More

  4. Beau Rivage Resort & Casino

    80,000 SF casino; 2,100 slots & 82 table games; 1,740 hotel rooms  | Learn More

  5. IP Casino Resort Spa

    70,000 SF casino; 1,700 slots & 60 table games; 1,000 hotel rooms  | Learn More

  6. Scarlet Pearl Casino and Hotel

    60,445 SF casino; 300 hotel rooms  | Learn More

  7. Hard Rock Hotel and Casino

    60,000 SF casino; 500 slots & 50 table games; 479 hotel rooms  | Learn More

  8. Gulfport Premium Outlets

    300,179 SF; H&M, Nike Factory Store, J.Crew  | Learn More

  9. Mississippi Aquarium

    550,000 annual visitors  | Learn More

Our Deal Team

Nick Nail III
Memphis | MS | AR
Nick Nail III
Memphis | MS | AR
Phone: (901) 251-2000

Nick is originally from Senatobia, MS and attended Christian Brothers University where he studied Accounting. He has been a Broker with TKC since 2016 and loves getting to see the growth over economically diverse markets and the challenges that accompany being a Broker.

Will Beasley
Memphis | MS | AR
Will Beasley
Memphis | MS | AR
Phone: 615-428-5064

Will is from Nashville, TN and attended the University of Mississippi. He loves being able to connect and build relationships with clients on both the buyer or seller side.

Val Smith
Memphis | MS | AR
Val Smith
Memphis | MS | AR
Phone: 901-552-6181

Val grew up in Memphis, TN and attended the University of Alabama where he studied Political Science and History. Val has been interested in real estate from a young age due to his family’s background in the industry, and has loved building his career with TKC.

Sources & Comments

1. The Gulfport-Biloxi, MS Metropolitan Statistical Area consists of 4 counties, according to the Office of Management and Budget: (1) Hancock (2) Harrison (3) Jackson (4) Stone

2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) CoStar (3) rcanalytics.com (4) www.bls.gov

3. Sales Comps are from 11/18/2023 – 11/18/2024

4. Development Pipeline as of 11/18/2024

5. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy

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