The latest BC Rent Bank Housing Survey shows that housing stability was either maintained or improved for the vast majority who relied on assistance through a rent bank in 2021. Rent banks are a homelessness-prevention tool that offer interest-free loans, and in some cases grants, to B.C. renters at temporary risk of eviction or essential-utility disconnection. Funds can be applied toward rent, payment in arrears, utilities, a security deposit or a combination of the above.

BC Rent Bank surveyed every household that received financial assistance from a rent bank between April 1 and June 30, 2021, and found that 94 per cent were able to maintain or improve their housing situation as a result of this assistance.

“Rent banks were successful in supporting renters to maintain their housing during times of short-term crisis,” said Melissa Giles, project lead, BC Rent Bank. “Thanks to initiatives like this, 94 per cent of survey respondents indicated they had maintained or improved their housing situation.”

While 67 per cent said they had moved to “better housing”, nearly all respondents (91%) credited their continued housing stability to rent bank assistance. Meanwhile, 61 per cent said they would have faced homelessness had they not received this service. Many respondents said that their increased housing stability allowed them to maintain custody of their children, engage in recovery from addictions, and resume employment.

According to Canada Mortgage and Housing Corporation, preventing an eviction saves a tenant $2,932 and a landlord $8,663. BC Rent Bank is a project of Vancity Community Foundation and is supported by a $10-million investment from the Province.

Find out more at: https://bcrentbank.ca