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Money & Advice Rent deposit challenge set to increase

The continuing rise in rent means tenants are looking at a financial challenge similar to those buying houses over the next ten years.

According to research commissioned by financial comparison website, between 2015 and 2026, the average monthly salary is predicted to rise by an average of 20%. This increase is lower than the estimated increase in both monthly rental costs and rental deposits - at 34% in the South East - which could mean that for many the cost of renting is just as unaffordable as buying.

In 2015, average rent deposit in the South East was 72% of the average monthly salary - but this is set to increase to 83% in the next ten years. Based on current trends, by 2026, for 68% of rental properties, average deposits will have increased to six weeks’ rent. This means landlords will be demanding a lot more money from tenants before they sign a tenancy agreement.

But it’s not all bad news! If you are looking for a place to rent, but are struggling to save a deposit, then you can talk to East Sussex Credit Union. We offer low cost loans for rent deposits so you can take that step into your new home. Visit our loans calculator to see how much your loan repayments would be - you might be surprised how quickly you could repay what you need to borrow.

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