Not getting too old for this s*** – Surge in over 60s renters, but rental deposits pose the same hurdle as younger generations

The latest research by tenant deposit replacement scheme, Ome, has looked at the cost required to secure a rental property for the growing trend of over 60s opting for the rental market over homeownership and what percentage of monthly income this initial step requires, as well as how it compares to younger generations.

With high house prices coupled with the improving face of the rental sector causing many of us to rent for longer, Ome looked at the cost of the average rental deposit and what this translates to as a percentage of monthly net income for tenants based on gender and age.

With the average rental deposit currently setting tenant’s 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%), climbing to 69% for the average female.

When it comes to age, those aged between 18-21 face the toughest task with the average tenant deposit accounting for 118% of the average salary. This falls to 105% for male tenants, while female tenants in this age range are looking at 138% of the net monthly wage to cover a deposit.

For those aged 22-29, it doesn’t get much easier, with a rental deposit costing 68% of the average net salary, falling marginally to 62% for males but climbing to 76% for females.

The latest English Housing Survey shows that over the last decade there has been a significant increase in the number of people aged 55-64 living in the rental sector. This also coincides with a fall in the number of people owning their own home in this age group.

In the words of Roger Murtaugh, you may think those approaching retirement would be getting too old for this s***, but the changing face of the rental sector proves this isn’t the case, with more and more of us opting to rent, well into later life due to a more tenant-friendly approach and better facilities for the more mature tenant.

However, Ome’s research shows that those aged 60 and above will on average, be required to spend the same proportion of salary to secure a rental property as those aged 22-29. Again, this drops to 55% for males in this age range and climbs to 88% for females!

Those aged between 30 and 59 are slightly better off as they hit full pace career-wise, although it would still require around half of their net monthly income to stump up a rental deposit.

Co-founder of Ome, Matthew Hooker, commented: 

“There are many tenants who are financially able to opt for the traditional deposit path when renting and for many it is a more preferable route, allowing them to pay there and then without any ongoing commitment or costs.

That said, as our research demonstrates, it can provide a tricky obstacle and while it might not be such as issue in the long-term, it poses a cash flow problem for those required to stump up as much as a month’s wages in one hit.

Of course, 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.

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 and addressing this issue has been one of the driving factors behind the launch of deposit alternatives such as Ome.

These alternatives allow tenants the choice to pay a smaller monthly fee over the period of a tenancy and with more of us remaining in the rental sector by choice, it provides a different path to do so without having to worry about large upfront deposits.”

Income and deposit cost by Gender (UK)
Gender
Average annual net salary
Average monthly net salary
Average rental deposit
Rental deposit as % of monthly salary
Male
£29,070
£2,422.47
£1,139
47%
Female
£19,677
£1,639.73
£1,139
69%
Income and deposit cost by age group (UK)
Age group
Average annual net salary
Average monthly net salary
Average rental deposit
Rental deposit as % of monthly salary
18-21
£11,541
£961.77
£1,139
118%
22-29
£20,037
£1,669.76
£1,139
68%
30-39
£25,249
£2,104.11
£1,139
54%
40-49
£27,863
£2,321.94
£1,139
49%
50-59
£26,039
£2,169.90
£1,139
52%
60+
£20,232
£1,686.03
£1,139
68%
Income and deposit cost by male age groups
Age group
Average annual net salary
Average monthly net salary
Average rental deposit
Rental deposit as % of monthly salary
18-21
£13,009
£1,084.11
£1,139
105%
22-29
£21,939
£1,828.26
£1,139
62%
30-39
£29,214
£2,434.48
£1,139
47%
40-49
£33,834
£2,819.53
£1,139
40%
50-59
£32,459
£2,704.89
£1,139
42%
60+
£24,904
£2,075.33
£1,139
55%
Income and deposit cost by female age groups
Age group
Average annual net salary
Average monthly net salary
Average rental deposit
Rental deposit as % of monthly salary
18-21
£9,919
£826.55
£1,139
138%
22-29
£18,066
£1,505.49
£1,139
76%
30-39
£21,042
£1,753.46
£1,139
65%
40-49
£21,855
£1,821.29
£1,139
63%
50-59
£20,185
£1,682.06
£1,139
68%
60+
£15,521
£1,293.44
£1,139
88%

 

Sources
Average Tenancy Deposit
Ome (Hamilton Fraser Internal Data)
Salary data
Older tenant rental trends

Properganda PR

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

You May Also Enjoy

Breaking News

28% Increase in Brits Moving to Australia

The number of people moving to Australia in the summer of 2025 increased by 28% year on year, making it the busiest quarter for Australia-bound movers in recent years. According to data from international movers surveyed through Compare My Move, September 2025 recorded the highest share of moves to Australia for the year, capping off an…
Read More
new build homes colchester essex
Breaking News

New-build transaction volumes fall by 62%

New-build sales volumes fall by 62%, but market improvements are driving accessibility for homebuyers The latest insight from Yopa has found that, whilst average monthly new-build sales volumes are down 62% so far in 2025, new-build homebuyers are benefitting from improvements to market affordability, with mortgage lenders currently introducing a range of new initiatives and…
Read More
Estate Agent Talk

Brits could buy a haunted property without knowing

Buyers in England and Wales could unknowingly purchase a property with a haunted reputation, as sellers aren’t required to disclose it. Homebuyers who are unaware are at risk, as this could lead to privacy concerns, nuisance from visitors and impact property value. Louise Ainley, a qualified conveyancer at licensed conveyancer course provider Access Law Online,…
Read More
Estate Agent Talk

3 ways a new-build could boost your purchasing position

The latest internal data release from award-winning mortgage adviser, Alexander Hall, has revealed that it’s not just younger, first-time buyers taking advantage of new-build benefits to buy one-bed flats. Multiple homebuyer demographics are purchasing at all levels of the property ladder, buoyed by improvements to the mortgage market landscape, which have seen lenders offer greater…
Read More
Estate Agent Talk

‘Outdated’ mainstream homebuying can learn from auctions to give security to buyers and sellers

Andy Thompson, Director at Eddisons part of Begbies Traynor Group, said: “Buying and selling through auctions prioritises speed, transparency and security. By front loading elements such as legal documents, background checks and searches, both buyers and sellers have confidently and fully committed to the transaction, which means when the hammer falls, contracts are exchanged and…
Read More
Breaking News

What the 2025 Party Conferences Told Us About Property

Inventory Base, the UK’s leading platform for property reporting and compliance, has today released its analysis of key housing and property policy developments from all four major UK political party conferences, revealing a clear divide between those prioritising hard targets and those favouring deregulation. With housing a central issue on the national agenda ahead of…
Read More