An increasing number of over-60s are now turning to the private rental sector - but, like other demographic sectors, they face obstacles affording the initial deposit.
That’s the claim of new tenant deposit replacement scheme Ome, which has assessed the cost required to secure a rental property for tenants aged 60 or over.
The scheme claims that with the average rental deposit currently setting tenants back £1,139, it can be “a tough ask” to accumulate such a large sum of money in order to secure a rental property.
For the average male, this cost equates to almost half a month’s wages (47 per cent) climbing to 69 per cent for the average female.
Specifically for those aged 60 and above the deposit costs 68 per cent of the average net salary, falling marginally to 62 per cent for males but climbing to 76 per cent for females.
“Those in the youngest age groups tend to be on the lowest wages and as a result, have to pay out more of their monthly wage on a deposit, but more often than not they have a support network of family that can help them start out on their rental journey and contribute to some of the costs” notes Ome co-founder Matthew Hooker.
“However, this isn’t always the case for those 60 and above who may be on a lower wage and don’t have the option to borrow from friends or family.”