Co-op housing, short for cooperative housing, is a type of residential arrangement where residents collectively own and manage their building or community. Instead of owning individual units, members purchase shares in the cooperative, which grants them the right to occupy a specific unit. This model promotes shared responsibility and decision-making among residents. In a co-op, residents typically pay monthly fees that cover maintenance, utilities, and other communal expenses. The cooperative is governed by a board elected by the members, ensuring that everyone has a voice in the management of their living environment. This structure fosters a sense of community and collaboration among residents.