What is a defining feature of cooperative housing?

In cooperative housing, the defining feature is that ownership and rental management is conducted by a non-profit organization. In this type of housing arrangement, residents do not own their individual units outright; instead, they own shares in the cooperative that entitle them to occupy a specific unit. This structure allows for collective management and operations, with decision-making typically governed by a board made up of the residents.

This model contrasts with individual ownership structures, where each unit is owned separately. Additionally, while it is possible for some cooperatives to engage third-party services for maintenance, it is not characteristic of cooperative housing as a whole. The emphasis on a non-profit organization signifies a community-oriented approach, prioritizing the needs and interests of the residents over profit maximization, making this answer the most accurate choice for defining cooperative housing.