This paper aims to elucidate the sliding scale between usufruct and ownership by applyinga property rights framework to three Swedish forms of tenure in multifamily housing. The frameworkdeconstructs the bundles of rights of rental, tenant-ownership and ownership to highlightcommonalities and differences connected to the right to use and exclude, the right to transfer andthe right to the value. It is concluded that the three tenure forms have many traits in common butthat there are distinct differences in some areas, most notably in connection to the right to the value.The property rights framework applied in the study may be applicable also on a general level as amethod to analyze and compare tenures of different types in different countries. Further, ways toimprove the framework and cover more facets of outcomes of property rights patterns are suggested.