In this episode of the Gray Report, we sit down with Gray Capital’s newest Asset Manager, Matt Sulkowski, to break down one of the most overlooked metrics in multifamily investing: economic occupancy.

We dive into:

The difference between physical vs. economic occupancy

Where “leakage” actually happens in a propertyHow small operational changes can unlock millions in value

Why Midwest markets—especially Indianapolis—are seeing strong migration trends

Plus, Matt shares his unique journey from Big Four accounting to private equity to building and exiting a cannabis business—and how that experience shapes his approach to asset management today.

If you’re an investor, operator, or just curious about real estate fundamentals, this is a must-listen.