Búseti húsnæðissamvinnufélag is an Icelandic housing cooperative that describes itself as a member-owned co-operative building association. Its stated purpose is to make good quality, secure housing available to members and to manage housing professionally over the long term, with an explicit emphasis on sustainability.1
Its model sits between renting and ownership. Members buy a share, typically covering 10–30% of the home price, and then pay a monthly fee that includes most housing costs but is adjusted with inflation; electricity and insurance are excluded, and the tenant handles internal maintenance.1 This structure gives residents a more stable legal position than a typical tenant, while preserving co-operative governance and affordability features.1
Búseti’s housing allocation process is membership-based. Prospective residents must first join the cooperative and pay an annual fee, after which they receive a membership number that affects priority in apartment allocation.1 Apartments are advertised on the first Tuesday of each month, and members can apply for them; state-financed low-income apartments are reserved for eligible low-income members.1 According to Reykjavík’s description of the cooperative, Búseti is often described as “the third way” between renting and owning.3
The organisation is relevant to affordable and sustainable housing because it combines partial equity participation, long-term occupancy rights, and cost structures designed to keep housing more accessible than full market ownership.13 It also operates in the Reykjavík area through its rental subsidiary, Leigufélag Búseta, which offers long-term rental housing at various locations in the region.2