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Older female renters spend nearly a month’s salary on their deposit

Female renters over the age of 60 spend 88% of their salary on their tenant deposit, research from tenant deposit rental scheme Ome has found.

With males this drops to 55%, highlighting the gender divide when it comes to older renters.

Matthew Hooker, co-founder of Ome, said: “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.”

Those aged between 18-21 have to find an 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.