Do "no-dog" rules affect condo resale prices?

Question

Are there any established studies/guidelines that indicate that condos that allow dogs have a higher or lower resale value than condos that have a "no-dog" rule? Here is the situation: My condo association currently allows dogs and is considering adding a 'no-dog' rule. Most condo buildings in my town do not allow dogs - therefore, my condo is in the minority by allowing dogs. Also, I found a statistic (from the Humane Society) that 39% of households in the USA own dogs --- when you put the 2 stats together, and take into account the law of supply & demand, then my building (that allows dogs) is a rarity, and therefore could command a higher resale value to dog owners since they are the only dog-friendly condos available in my town and since approx 40% of the US population consists of dog owners... Does this logic make sense, and/or do you know of any related studies/data? (I need to prepare for a presentation for the condo board) THANK YOU!!!

Answer 1

Generally, dog owners go into the housing search knowing that they'll probably need to pay more than they would without their pet. If you think you can fill up all or most of your building with pet owners, you might be able to command a premium. However, non-dog owners might be turned off, and certainly unwilling to pay a higher price for a feature that not only will they not use, but that may be disturbing to them (barking, etc.).

I read an interesting Wall Street Journal article recently on a related topic. It's called "Renting -- With Your Pet." You might want to check it out: http://online.wsj.com/article/SB117599531497463264-search.html?KEYWORDS=dog+apartment&COLLECTION=wsjie/6month

If you can't access it (you may need to be a subscriber), email me at [e-mail] and I can send it along to you.

Answer 2

There are no studies of which I am aware which reflect a 'dog vs no dog' condo policy. It would be very difficult to do so, since any condos in the study would need to be identical and in the exact same location, so that all criteria would be equal save for the dog clause.

I do not think that values are affected in any way, since there are obviously MORE potential buyers without dogs that with, by your own statistics. Try to understand that there are a lot of people who do NOT want dogs on the premises, for various reasons, such as noise, dirt, waste, lawn issues, and so on.