According to searchlogistics.com there are over 5 million Airbnb hosts worldwide. Of those hosting, over 400,000 are senior hosts and this number continues to rise year on year. Here we’ll discover why Airbnb is popular with Senior Hosts
Statistically, senior hosts (and in particular, senior women) are rated as the best hosts on the platform. This demographic has the highest number of positive ratings and reviews.
Hosts that have lived in their home for a long time will have better knowledge of the local area. As such they can provide guests with a better experience during their trip with recommendations guests will appreciate.
So why is renting via the Airbnb platform popular with Senior and retired homeowners? And what makes hosting the perfect income stream for those seeking income in retirement?
Why hosting is perfect for retirement
In later life, seniors looking for a change of pace might want to steer themselves towards retirement. If not retirement, a more relaxed way of working.
Often personal circumstances mean that pension or retirement funds alone might not be enough with the upkeep of their lives and maintenance of their property.
Senior homeowners are also more likely to have additional rooms or housing large enough to accommodate guests. With family homes emptying hosting can help relieve empty nest syndrome.
Plus, with bigger housing comes bigger bills and upkeep. Renting a spare room to someone for a few nights can be a perfect side income.
Also depending on the situation, this additional revenue stream can help seniors avoid having to downsize. Plus they can do so without actually having to sell and relocate.
Before Airbnb, the only real option was to get a lodger or tenant that would live in the property for a given contract. This would usually be an agreement of say a month or longer. The downside to this is that the homeowner loses a sense of privacy than that they’d get with a short term guest.
Some homeowners may prefer the familiarity of the same person staying with them for a longer period. On the plus side, guests that only stay for a short period of time, will be out of your hair as quickly as they turn up.
As well as this, the potential earnings are greater say, for several shorter bookings in a month than a lodger staying for a the whole month and paying a set monthly rent.
Freedom in Flexibility
The great thing about hosting, whatever age you are and whether you are retired or still in work, is hosting flexibility. You can adjust and amend your calendar to host as much or as little as you want. This gives you more control over your potential earnings and workload.
Some senior hosts may not want to be fully booked each week and may only want one booking per week. Airbnb allows you the flexibility to do this. It also give you the opportunities to get booked as often as you care to be.
Many senior hosts like the fact it still keeps them active and busy. Even though hosting itself doesn’t actually take up a big chunk of your time, it still gives you the freedom to enjoy retirement.
Potential earnings
The average Airbnb host makes around $13,800 USD annually, or roughly £10,600 GBP per year. If you compare this to the average state pension in the UK which is around £11,500 per year, you can see how beneficial hosting can be for a retiree looking for some extra income.
Because of the high demand for short term lets and traveler accommodation, it’s estimated that 320,000 hosts over the age of 60+ collectively earned a total of $747 million USD from Airbnb in 2016 worldwide. And this figure has continued to grow year on year.
Its entirely possible to add a few hundred pounds to your income each month without a great deal of effort on your part. This can be done with hosting guests just a few nights a month.
Another bonus is that there’s very little startup costs to begin hosting. In fact in most cases you can pretty much start right away without the need to purchase anything.
There are also minimum running costs too. Other than laundry costs and turnover time, renting a spare room can be done at minimal expense.
User-friendly
The website itself is very user-friendly for both hosts and guests. It’s been designed to stay as simple and easy as possible for both parties.
Not only this, but Airbnb offers round the clock support. Any questions or concerns can be answered by the support team in minutes.
Summary
It’s clear that someone looking to scale back their working life, but still looking to generate some additional revenue is the perfect candidate to host.
Retirement can often be isolating. The social benefits of guest interaction by spending time will all manner of different people from all walks of life can be really enjoyable.
This doesn’t just apply to senior hosts either. Part of the social charm of Airbnb can be enjoyable for any age host looking to get started on the platform.
For me personally, I’d always rather stay in a complete rental without a live-in host. However, if I had to, I’d happily stay with an older host. If not simply for the comfort of having someone nearby who knows the area, for light social interaction and for the confidence in knowing the homeowner is hosting within their own home.
There’s something reassuring as a guest knowing that you’re staying with a host, rather than in a faceless rental unit. A live-in host will be more likely to take pride in and care about their home. In turn, they will want it to be kept to a certain standard without treating it as purely an investment.
Given the above, it’s no wonder why Airbnb is popular with Senior Hosts and will be for the foreseable.