Lowest paid professions paying over 10% of salary on rental deposits

December 18, 2019

Hamilton Fraser’s deposit replacement scheme, Ome, has looked at the current cost of a rental deposit and what this equates to as a percentage of the annual net salary across 20 UK professions, as well as how long it takes each profession to save the required amount.

Ome looked at the current average cost of a deposit paid across the Hamilton Fraser database and the annual net salary currently available across 20 professions to see how this initial financial hurdle varied depending on career path.

Using the 50/30/20 rule, a financial rule of thumb whereby a person should budget 50% of income towards necessities like bills, 30% towards wants such as social activities and 20% towards financial goals such as paying other debts or saving for retirement, Ome also looked at how long it would take each profession to save a rental deposit with 20% of their monthly income.

Although Ome recently found that the cost paid for a rental deposit is due to drop for the first time since 2015, it still requires UK tenants to pay out £1,299.

By gender

With a current annual net wage of £29,068, the average male tenant is paying 4.5% of their yearly income to secure a rental property, while the average female tenant is paying 6.6%.

Based on the 50/30/20 rule it would take the average male 2.7 months to save the current rental deposit of £1,299, while the average female would need to save for a further 1.3 months to accumulate the same total.

By profession

Looking at professions, the financial hurdle of a rental deposit is the highest for hairdressers and with an annual net wage of £12,071, the average deposit accounts for a huge 10.8% of their annual income, taking over half a year to accumulate (6.5 months).

A cleaner can expect to fork out 9.1% of the annual £14,305 earnings for the average rental deposit, taking them 5.4 months to save, while a secretary will need to save 8.4% of their salary and save for 5.1 months.

A chef, estate agent, clergy member, nurse, marketeer, plumber, IT technician and electrician would also be required to tuck away five percent or more of the average net salary to cover the cost of a rental deposit.

For a pilot (2.3%), doctor (2.6%) or lawyer (3.4%), the cost of securing a rental property is far more marginal and would only require them to save for between 1.4 and 2.1 months.

Co-founder of Ome, Matthew Hooker, commented:  

“For the vast majority of people and professions, the initial barrier of a rental deposit is more of a cash flow problem than an affordability issue. While it can account for as much as 10% of some people’s annual wage, the struggle they face isn’t necessarily having the finances to do pay it, just that it’s not immediately accumulated and readily available and can take as long as six months to save.

As a result, many of us have to turn to friends or family to help overcome this initial obstacle and many great tenants that don’t have this option can miss out on the chance to rent altogether. Thankfully, we’re starting to see a change in the sector whereby more products and options are available to suit help vast and varied range of tenants reliant on it to put a roof over their heads.”

Profession
Annual Net Salary
Average deposit
Deposit as % of Net Salary
Months required to save
Hairdresser
£12,071
£1,299
10.8%
6.5
Cleaner
£14,305
£1,299
9.1%
5.4
PA / Secretary
£15,414
£1,299
8.4%
5.1
Chef
£17,657
£1,299
7.4%
4.4
Estate Agent
£19,568
£1,299
6.6%
4.0
Clergy
£20,209
£1,299
6.4%
3.9
Nurse
£22,450
£1,299
5.8%
3.5
Marketing associate
£24,701
£1,299
5.3%
3.2
Plumber
£24,907
£1,299
5.2%
3.1
IT technician
£25,473
£1,299
5.1%
3.1
Electrician
£26,003
£1,299
5.0%
3.0
Teacher
£27,369
£1,299
4.7%
2.8
Accountant
£30,252
£1,299
4.3%
2.6
Police officer
£30,935
£1,299
4.2%
2.5
Surveyor
£32,063
£1,299
4.1%
2.4
Engineer
£33,077
£1,299
3.9%
2.4
Business analyst
£34,064
£1,299
3.8%
2.3
Lawyer / Solicitor
£37,955
£1,299
3.4%
2.1
Doctor
£49,621
£1,299
2.6%
1.6
Pilot
£56,123
£1,299
2.3%
1.4
Male
£29,068
£1,299
4.5%
2.7
Female
£19,675
£1,299
6.6%
4
Sources
Average deposit
Average salary by profession

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Home and Living

How homeowners can fight back against rising energy bills

New research from Yopa warns that millions of homeowners are set to be hit with a 14% jump in energy bills this summer, wiping out recent savings and piling fresh pressure on household finances. In response, Yopa has analysed which home improvements are most effective at reducing energy use, looking at both the typical savings delivered…
Read More →
Breaking News

Homes selling as fast as last year

First time buyers in outer London hit hardest as higher borrowing costs and  high stamp duty costs weigh on sales times   The average time to sell a home is just 1 day longer than last year at 33 days, despite higher mortgage rates and 2 months of conflict in the Middle East However, areas…
Read More →
Estate Agent Talk

How to Pick the Ideal Utilities for your Business

Sorting out utilities might not be the most exciting part of running a business, but it is one of those things that quietly affects everything else. Whether it is your electricity, gas, water or internet, these services keep your business moving day to day. Getting them right can help you stay in control of costs…
Read More →
Letting Agent Talk

Advice for London landlords and tenants ahead of the Renters’ Rights Act implementation

Phase one of the Renters’ Rights Act (RRA) comes into force on 1 May 2026, and with it brings about the most significant overhaul of the private rental sector in a generation. While the Act will see new responsibilities introduced, it will also offer an opportunity for landlords to strengthen their practices with a clear…
Read More →
Estate Agent Talk

Budget-friendly ways to boost your chances of a successful spring house sale

With many households feeling the pressure of changing global economic conditions, tighter finances, and the high costs associated with moving, such as Stamp Duty, legal fees and removals, selling a home can currently feel like challenge. At the same time, spring traditionally brings a surge in buyer activity. Longer days and better weather tend to encourage more viewings,…
Read More →
Letting Agent Talk

Expert Reacts To Renters’ Rights Act Ahead of Changes This Week

The Renters’ Rights Act comes into force this week (1st May), introducing major reforms to tenancy structures, eviction rules, and tenant protections across England. The changes will reshape how landlords manage properties and how tenants experience private renting, with significant implications for student private rentals and the wider rental market. Ahead of implementation, Owen Dixon,…
Read More →