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 property
How 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.

Listen to the latest episode of The Gray Report Podcast and stay up to date on the most important news and research in the multifamily industry, commercial real estate, and the economy.

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