Pet Policy and Housing Prices: Evidence from the Condominium Market

20 Pages Posted: 14 Oct 2011  

Zhenguo (Len) Lin

Hollo School of Real Estate, Florida International University

Marcus T. Allen

Florida Atlantic University - Finance & Real Estate

Charles C. Carter

Florida Atlantic University

Multiple version iconThere are 2 versions of this paper

Date Written: October 8, 2011

Abstract

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.

Suggested Citation

Lin, Zhenguo (Len) and Allen, Marcus T. and Carter, Charles C., Pet Policy and Housing Prices: Evidence from the Condominium Market (October 8, 2011). Journal of Real Estate Finance and Economics, Forthcoming. Available at SSRN: https://ssrn.com/abstract=1943319

Zhenguo Lin (Contact Author)

Hollo School of Real Estate, Florida International University ( email )

University Park
11200 SW 8th Street
Miami, FL 33199
United States
3057799248 (Phone)

Marcus Tillman Allen

Florida Atlantic University - Finance & Real Estate ( email )

2912 College Ave
Davie, FL 33314
United States
954-236-1063 (Phone)
954-236-1298 (Fax)

Charles C. Carter

Florida Atlantic University ( email )

Boca Raton, FL 33431
United States

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