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Pet Policy and Housing Prices: Evidence from the Condominium Market

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  • Zhenguo Lin
  • Marcus Allen
  • Charles Carter

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. Copyright Springer Science+Business Media, LLC 2013

Suggested Citation

  • Zhenguo Lin & Marcus Allen & Charles Carter, 2013. "Pet Policy and Housing Prices: Evidence from the Condominium Market," The Journal of Real Estate Finance and Economics, Springer, vol. 47(1), pages 109-122, July.
    • Handle: RePEc:kap:jrefec:v:47:y:2013:i:1:p:109-122
    DOI: 10.1007/s11146-011-9351-y
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    References listed on IDEAS

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    1. Schwarz Peter M & Troyer Jennifer L & Walker Jennifer Beck, 2007. "Animal House: Economics of Pets and the Household," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 7(1), pages 1-27, July.
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    7. Ping Cheng & Zhenguo Lin & Yingchun Liu, 2008. "A Model of Time‐on‐Market and Real Estate Price Under Sequential Search with Recall," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(4), pages 813-843, December.
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    Cited by:

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    2. Julia Freybote & Hua Sun & Xi Yang, 2015. "The Impact of LEED Neighborhood Certification on Condo Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(3), pages 586-608, September.

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    Keywords

    Pet Policy; Housing prices;

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