The cost of rental deposits have only risen by 5% in five years, less than price increases in other areas of life, research from lettings deposit replacement scheme Ome has found.
In comparison the cost of pay TV has risen by 26%, the average house price is up 24%, while the cost of using a mobile phone per month is up 22%.
The typically deposit was £1,139 in 2019, up from £1,088 in 2014.
Matthew Hooker, co-founder of Ome, said: “The rental sector has received a fair share of negative press in its time and much of this has been focussed around the traditional deposit and the sums charged by agents at the start of a tenancy in order for a tenant to secure a property.
“However, with the recent Tenant Fee Act shining a light on the fees charged by traditional letting agents, it’s interesting to see that in relative terms, the increase in the value of tenant deposits is actually smaller than the increase seen in our TV packages, mobile contracts, Big Macs, and even the growth in the average UK salary.”
