Reposit has reported a 42% rise in tenants aged 55 and over choosing its deposit alternative product in the past two years, signalling a generational shift in the rental market.
Traditionally most popular with younger renters, deposit alternatives are now being adopted by older tenants seeking more flexible options. The 46–55 age bracket also saw an 11% rise over the same period.
With Reposit, tenants pay a non-refundable fee equal to one week’s rent instead of the standard five-week cash deposit – currently averaging £1,380.
Many older renters are opting to invest this lump sum instead, taking advantage of around 4% interest returns.
AFFORDABILITY CONCERNS
The shift reflects wider demographic change. According to the National Housing Federation, the number of 55+ households in the private rented sector has grown by 70% since 2010/11, compared with just 20% growth across the age group overall.
Ben Grech, Chief Executive of Reposit, says:“With the number of older renters growing nationwide, it’s clear that affordability and choice matter at every stage of life. These are savvy tenants who are reassessing the true cost of traditional cash deposits.
“An increasing number of landlords and letting agents are also offering Reposit, which provides up to eight weeks of protection and reassurance as a fully FCA-regulated product. This, in turn, is helping to attract a wider pool of tenants.”
