Friday, October 21, 2011

Lin, Allen, & Carter on Pet Policies and Housing Prices

Zhenguo Lin, Marcus Allen, and Charles Carter have posted Pet Policy and Housing Prices: Evidence from the Condominium Market (J. of Real Estate Finance & Econ) on SSRN.  Here's the 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.

Steve Clowney

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