Newly released data from deposit replacement scheme, Ome, has revealed which parts of the rental market tenants are paying above the odds in when it comes to their initial rental deposit.
The firm compared their own data on the average rental deposit being paid by tenants in each region of England to the average deposit, based on the five-week rent cap, using rental price statistics from the Office for National Statistics.
The figures show that based on a five-week rental deposit, the average tenant in England should be paying ยฃ1,054 to secure their rental property. However, the good news is that Omeโs data shows that the average deposit is -5.4% less than this; currently at ยฃ997.
Data shows that London is predictably home to the highest deposit. The average deposit currently sits at ยฃ1,855, with the South East, South West and East of England also home to a rental deposit above the ยฃ1,000 mark.
However, while London is the most expensive, Omeโs data shows that tenants are paying below the average based on rental costs. According to ONS data, the average deposit in London based on five weeksโ rent should be ยฃ2,055, with Omeโs data showing the capitalโs tenants are paying -9.7% below this average.
The most significant difference is in Yorkshire and the Humber, where according to Ome, tenants are paying an average deposit of ยฃ644, -16.1% below the average for the region. The East Midlands also comes in -13.2% below the regional average, with an average tenancy deposit of ยฃ693, along with the North West (-5.6%) and the East of England (-5.5%).
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