In Sweden, co-ops are used *both* for "renting" and "buying" appartments.
People who rent join a "bostadsförening" (a mutual company), and pay a monthly subscription (5 quid a month, normally).
Then after a few years, you're offered an appartment in an ok location.
Many people don't want to queue, so they buy an appartment. However, all appartments are cooperatively owned in a so-called "botstadsrätt". You actually own your appartment by being a shareholder in this mutual company. This way they are able to keep property mgmt fees way down, by having the members meet and decide on how much they will pay every year and who will do the maintanance work. Inevitably, the residents agree to do a lot of the work themselves, saving a lot of money.
Mutuals can buy development land at agricultural rates. Nice.
Mmm. A fair number of these ended up bailed out in a bad bank of their own last time:http://www.venantius.se/pdf/arsredov_06_eng.pdf