Thursday, February 29, 2024

If you or your clients are renting to low or moderate-income earners experiencing financial challenges, there may be a solution.

The province is providing an additional $11 million in funding to the BC Rent Bank to help renters in these situations, building on the $10 million investment made by the province in 2018-19.

“We know that renters are feeling the impacts of high rents and inflation, and that’s making it hard for them to pay their bills and rent,” said Ravi Kahlon, minister of housing. 

Rent bank funds in the form of interest-free loans can be applied to rent or essential utilities, or toward a deposit or first month's rent, for tenants who have secured housing but are unable to pay these requirements.

This funding has the potential to support as many as 20,000 renters through unforeseen financial challenges. 

BC Rent Bank extends funds to regional rent banks that work with renters and provide financial assistance and support services to them.

Rent banks are a resource to prevent evictions, stabilize housing and support renters during unexpected interruptions to income that jeopardize their housing. 

BC Rent Bank is a project of Vancity Community Foundation and supported by the BC government. It’s the agency that provides support and funding to BC’s provincewide rent bank network.

Here are communities served by BC Rent Bank.

If you have questions about BC Rent Bank, contact Harriet Permut, director of government relations at hpermut@gvrealtors.ca. 

Read the government news release.