As a member of a co-op, you’re an indirect owner. You either rent your unit from the co-op or hold member shares that give you exclusive use of a housing unit. Watch this video to learn more about cooperatives compared to other housing models.
How does cooperative housing compare with other models?
When you join a housing co-op, you become part of a democratic community.
You join a housing co-op by purchasing shares of the co-op that owns the property.
As a member of a co-op, you’re an indirect owner. You either rent your unit from the co-op or you are a shareholder with exclusive use of a housing unit.
In contrast, condominium owners own their properties directly.
Together, members collectively own the common spaces. They also share operating and maintenance costs.
Different laws regulate housing co-ops, and these vary from region to region and country to country. For example, co-op members who rent can stay as long as they follow co-op rules.
A co-op board is made up of elected members and makes decisions collectively, similar to a condominium board.
All co-op members have the right to vote on key decisions like approving budgets and changing rules.
Co-ops are often more affordable than condominiums and rental housing because co-ops operate on a not-for-profit basis.
