Increase In Over 60s Renting

According to a recent report, there has been an increase in over-60s renting property across the UK.  The findings have been revealed by Ome, a tenant deposit replacement scheme.

It assessed the cost required to secure a rental property for tenants aged 60 or over which highlighted how they face challenges when it comes to affording an initial deposit.

Ome claims that with the average rental deposit currently setting tenants back £1,139, it can be “a tough ask” to accumulate such a large amount of money to secure a rental property.

For the average male, this amount is equal to nearly half a month’s wages, at around 47 per cent, climbing to 69 per cent for the average female.

For individuals aged 60 and above the deposit costs 68 per cent of the average net salary, falling to around 62 per cent for males and increasing up to 76 per cent for females.