Sandy’s far-reaching effect on the economy

As the recovery efforts continue in the wake of Hurricane Sandy, industry analysts are beginning to piece together the storm's immense and far-reaching effect on the country's economy.

According to the Bureau of Economic Analysis, personal income saw negligible growth in October after months of an upward trend. Spending fell slightly, with consumers tightening their budgets by $20.2 billion, or 0.2 percent.

Although the BEA could not name the specific reasons behind the plateaued income and decreased spending, it noted that Sandy was likely partially behind the trend.

"The storm affected 24 states, with particularly severe damage in New York and New Jersey," noted the BEA in its report. The bureau estimated that the storm caused $18 billion in lost wages.

For rental property management officials, a drop in wages could mean that consumers are more likely to stay in the rental market and continue to submit rental applications, as lower income could put purchasing a new home out of reach.