04 Apr Why You Should Become An Airbnb Host In Retirement
The 60+ demographic is reportedly the fastest growing group of Airbnb users. Many retirees are turning to Airbnb hosting due to rising living costs. Airbnb provides a steady source of income in retirement and many other social and continued learning benefits.
We’ve all read about millennials starting a side hustle and making lots of money on Airbnb. But Airbnb is not only for 20-something-year-olds!
Retirement can be a great time to host on Airbnb.
Learn why Airbnb hosting in retirement is becoming extremely popular and find out how you can get started today.
5 Reasons To Host On Airbnb In Retirement
#1 Airbnb retirement income
Earning extra or primary income is the most common reason to become an Airbnb host if you are 60+.
Airbnb says 45% of senior hosts rely on Airbnb to make ends meet. With Airbnb, you can supplement retirement savings for day-to-day living or get extra income for luxuries and vacations. Whatever your income needs, Airbnb can be a great way to earn money after you retire.
#2 Airbnb can help ease into your retirement
Hosting can be a great way to ease into your retirement.
If you’re ready to quit your 9-5 job, but not ready to give up work completely, then consider hosting on Airbnb before retirement kicks in. Consider part-time hosting if you aren’t financially ready to retire completely or enjoy keeping busy.
#3 Socializing & Showing Off Your City
Many people don’t feel ready to retire from work when they hit 65. If you like to keep busy and enjoy the social aspect of working, then Airbnb can be a great retirement hobby. You will get to meet people from all over the world, show off your city, and make extra income while doing work you enjoy.
Check out our latest blog on Airbnb Experience (you can show people what your hobby is and make a bit more money in addition to hosting).
#4 Age in Place & Avoid Downsizing
Retirees often feel pressure to downsize from their long-term homes.
It can be expensive to maintain a larger house once your children and family have moved out, and many seniors feel pressured to move to retirement housing.
Senior living options often lack charm, large gardens or the sentimental value of your own home.
Well, hosting on Airbnb in retirement can help you earn money to maintain and stay in your dream home. You can rent an extra room only on the days you want to, leaving it free for family or friends when you need it.
#5 Tax Benefits For Airbnb Retirees
There are several tax benefits available for short-term rental hosts with Airbnb. If you rent a room in your house for at least 15 days per year you can claim back a portion of house maintenance expenses.
Why do retirees make such great Airbnb hosts?
Flexibility & Availability
There are two big challenges that Airbnb hosts face: flexibility and availability. These two challenges are where retirees have a major advantage.
Key exchange (check-in) is one of the biggest challenges for guests and hosts. Travelers are often caught up with unexpected delays. Airbnb’s don’t have the luxury of a 24-hour reception desk so guests can check in at all hours of the day.
(pro-tip: If you want to automate this check-in/out process, consider getting a keyless smart lock)
Hosts working 9-5 jobs or with younger families don’t always have the availability guests need.
Working hosts usually don’t have the flexibility in their schedules to deal with unexpected travel delays and changes.
Retirees who have fewer set commitments on weekdays can be far more flexible to meet guests’ changing arrival needs. That’s why we think you would make a great Airbnb host in retirement!
Hospitable & Welcoming
Retirees have more time available for pleasantries and small talk. These hosting niceties can make a big difference to the positive guest experience. According to Airbnb, 85% of reviews of senior hosts in 2017 were five-star reviews.
What are some common concerns from potential Airbnb hosts?
Is Airbnb Safe For Retirees to Host?
It’s common for retirees to have concerns about their security of renting on Airbnb, especially if you live alone.
Most Airbnb stays are safe. As with most things in life, there is a small percentage of Airbnb stays that could go wrong. There are safety measures in place, including a reciprocal rating system for both hosts and guests and 24/7 Airbnb support.
Seniors who live alone may want to be more selective when accepting bookings. You may choose to accept bookings only from seasoned travelers with a consistently good 5-star rating.
You can learn more about Airbnb’s commitment to safety on Airbnb’s website.
Can I Host If I Don’t Own My Property?
Yes, you can become an Airbnb host even if you don’t own property. Find out how to leverage other people’s properties with our guide to getting started.
Now, you can also become an Airbnb co-host by helping someone else in your neighborhood manage their listing, without hosting in your own home.
How Much Money Can I Make On Airbnb Hosting in Retirement?
Profit potential depends on property type, location, and occupancy rate. Here’s an Airbnb profit calculator to help you decide.
Well, Some retirees only want to host a few days per month, so their earnings will be lower. Great property in a prime location, for example in Manhattan, has huge earning potential. Check out our handy guide to learn what your space could be worth.
Ready To Become An Airbnb Host in Retirement?
So, do you think you’re ready to take on a new retirement challenge by becoming an Airbnb entrepreneur?
Like any good business, there’s a lot of prep work that goes into getting your listing ready. Check out our Airbnb FAQs.
Join my Airbnb Host Community Email List. I will send you Airbnb hosting best practices and tips to increase your operating margins. Sometimes, I’ll even surprise you with an awesome giveaway!