Pet Policy and Housing Prices: Evidence from the Condominium Market
California State University, Fullerton - Department of Finance
Marcus T. Allen
Florida Atlantic University - Finance & Real Estate
Charles C. Carter
Florida Atlantic University
October 8, 2011
Journal of Real Estate Finance and Economics, Forthcoming
This paper examines the economic impact of restrictions against keeping domestic pets in residential dwellings. Using a large data sample of condominium sales, we empirically estimate price effects associated with pet restrictions. Our results suggest that an unrestricted pet policy creates a significant premium in condominium price, along with discounts for condominiums that do not allow pets or have pet restrictions. This finding is useful for policy makers, developers of new condominium projects, and condominium owner associations in their decisions to establish or alter laws and regulations regarding restrictions on pet owner residents.
Number of Pages in PDF File: 20
Date posted: October 14, 2011
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