Older tenants are increasingly using alternative deposit products, in line with growth in 55+ households in the private rented sector.
Reposit reports that it has seen a 42% increase in this age group using its services during the last two years. It says although deposit alternatives have traditionally been most popular with younger renters, these latest figures suggest they now appeal to a broader age range.
After the 55+ age group, the next largest increase in the proportion of renters using Reposit was among those aged 46–55, which has risen by 11% in the last two years.
Tenants pay a non-refundable fee equal to one week’s rent instead of the standard five-week cash deposit, currently averaging £1,380, with many choosing to invest this lump sum.
The trend of older tenants using Reposit comes as the UK rental sector undergoes a generational shift. According to the National Housing Federation (2023), since 2010/11 the number of 55+ households in the PRS has grown by 70% compared with a 20% growth in households in this age group overall.
Reposit's CEO Ben Grech (pictured) believes that affordability and choice matter at every stage of life. He adds: “We also know that a growing number of tenants are choosing Reposit and investing their lump sum to benefit from around 4% in interest. These are savvy tenants who are reassessing the true cost of traditional cash deposits.”
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