BC Rent Bank Releases 2023/24 Impact Report

Since starting in 2019, the BC Rent Bank program has undergone significant change — moving from an independently managed program with a narrow scope to a provincially-networked system of support. As we reach our five-year anniversary, we’re proud to have grown a robust system that can adapt to offer new types of assistance and support to help renters build long-term resilience.

Take a look at the last 12 months of the program and the impacts we’ve made by exploring our 2023-24 Impact Report.

2023–2024 Causes for Celebration:

• Distributed over $2.35 million to support 3,436 renters in over 1,500 households.
• Reinvested $615,210 from renters who repaid their loans.
• Increased loans to renters by 40%, impacting 51% more people compared to 2022–2023.
• Highlighted in Imagine Canada’s Journey to Impact: Unlocking Purpose through Social Finance report, featuring 22 inspiring case studies showcasing the transformative potential of social finance.
• Represented BC Rent Bank at the Canadian Alliance to End Homelessness (CAEH) conference, in webinars, and in several radio interviews around the topic of the housing crisis and its impact on renters.
• Improved the online application to better capture renter requests for additional supports, and implemented a demographic survey to understand how we can better serve all renters in BC.

This past year, we sought to evolve and strengthen the BC Rent Bank network, keeping the focus on BC renters while enhancing our data capabilities and learning more about where support is needed most.

Our model of partnering with local organizations means that frontline services are accessible in communities across BC. Our partners can focus on responding to renters in crisis, as we keep our eyes on key areas such as fundraising, advocacy, training, and improving technology.

What’s Ahead for BC Rent Bank in 2024 – 2025:

• Create better awareness amongst renters and potential supporters and funders by launching the new BC Rent Bank website and newsletter, and increasing our social media presence.
• Strengthen the rent bank network by hosting more in-person events focused on cultural safety training and vicarious trauma training.
• Provide sustainable financial support by activating a fundraising plan to leverage the funding provided by the provincial government.
• Enhance services for renters by introducing surveys that will measure housing stability, understand why renters become unresponsive after applying, and give renters the opportunity to provide feedback on services.
• Expand partnerships with groups like BC Hydro, BC Housing, Reaching Home, and SPARC BC to meet the needs of renters. This includes partnering with Indigenous-led housing organizations.
• Enhance technology by recording ongoing financial supports and reporting on demographics, user experience, and the supplementary supports that renters receive from a rent bank.

Want to learn more about the BC Rent Bank program and the impacts we’ve had on our provincial community? Read our full 2023-2024 Impact Report.