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The Journal of Real Estate Finance and Economics

Erschienen in:

01.07.2013

Pet Policy and Housing Prices: Evidence from the Condominium Market

verfasst von: Zhenguo Lin, Marcus T. Allen, Charles C. Carter

Erschienen in: The Journal of Real Estate Finance and Economics | Ausgabe 1/2013

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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.

Vorheriger Artikel An Empirical Investigation of Herding Behavior in the U.S. REIT Market

Nächster Artikel Does Inflation Illusion Explain the Relation between REITs and Inflation?

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The Cannaday (1994) article also cites a study done by the Minnesota Real Estate Research Center (1990) on renters whose empirical findings were the same (cats “yes,” dogs “no”).

Table 2 illustrates that among 8,610 observations in the sample, “cats only” has 634 observations, “dogs only” has 160 observations, “small pets only” has 2,918 observations, “large pets only” has 1,895 observations and “others (unspecified)” has 3003 observations.

11.6% is estimated using Eq. (12).

A discount of 1.3% is estimated by using Eq. (12).

At the suggestion of an anonymous reviewer, we tested for spatial autocorrelation using Moran’s I method (Moran (1950)). The tests failed to reject the null hypothesis of zero spatial autocorrelation, indicating there the 120 location control variables in our specifications have adequately addressed the possibility of spatial autocorrelation. The results of the Moran’s I tests are available upon request.

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Carter, C., Lin, Z., Allen, M., Haloupek, W. (2011). Another look at effects of ‘adults-only’ age restrictions on housing prices. Journal of Real Estate Finance and Economics (forthcoming).

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Titel: Pet Policy and Housing Prices: Evidence from the Condominium Market
verfasst von: Zhenguo Lin
Marcus T. Allen
Charles C. Carter
Publikationsdatum: 01.07.2013
Verlag: Springer US
Erschienen in: The Journal of Real Estate Finance and Economics / Ausgabe 1/2013
Print ISSN: 0895-5638
Elektronische ISSN: 1573-045X
DOI: https://doi.org/10.1007/s11146-011-9351-y

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