Planning for retirement can be stressful, especially if you’re unsure whether you’ll have enough money to retire permanently. If you’re looking for easy ways to reduce your expenses and boost your income during retirement, then you can’t afford to ignore the rewarding opportunities Airbnb can offer.
As of 2018, there are more than four million Airbnb listings worldwide. In fact, 191 countries participate. There are more than 200,000 senior hosts on Airbnb, and the company says the 60+ crowd is the fastest-growing demographic using the platform for both traveling and hosting. If you’ve considered joining Airbnb as a soon-to-be or current retiree, then here are some useful strategies for maximizing the value you get from the short-term rental platform.
Making Money With Airbnb
There are many advantages to staying with Airbnb instead of the usual hotel, B&B, motel, or luxury resort options. By staying in an Airbnb, you have more choice in where you stay, what type of accommodations you want, check in/out times, and how many people you can bring along.
When it comes to a location specifically, Airbnb is perfect for discovering homes that are off the beaten path, away from the hustle and bustle of crowded tourist traps. Of course, Airbnb also offers locations right in the middle of the action, if that’s what you’re looking for.
Furthermore, Airbnb is typically more affordable than hotel options. Although Airbnb is known for being a great option for families or groups of 4+ members, Airbnb is also ideal for solo travelers or couples who want to save money on their accommodations.
Another way Airbnb beats hotel accommodations is the necessity of customer satisfaction. While hotels with dozens or even hundreds of rooms can afford to lose some customers due to negative publicity now and again, many Airbnb hosts only own one or two properties and need to maintain high ratings. This means that Airbnb accommodations often offer more personalized service than standardized options you might get from a hotel chain. This makes your travel experiences all the more memorable.
Rent a Room in Your Home
Whether you currently own your home outright, you’re in the final stages of paying off the mortgage, or you don’t own your home at all, there are plenty of ways to make money with Airbnb. If you don’t own additional rental properties but you have an extra bedroom or two in your current residence, then you could reduce your housing expenses by renting out one or both rooms to travelers.
When you rent out your own property on Airbnb, you have incredible flexibility when it comes to determining your availability. You do not have to host 365 days per year! You’ll also be able to choose your nightly/weekly/holiday prices, cleaning fee, and whether or not you want to accept a booking.
This option is ideal for retirees who want to supplement their retirement incomes without much extra effort. If you install an electronic lock on your front door, you don’t even have to interact with guests at all.
Some Airbnb hosts love chatting and sharing meals with their guests, while other Airbnb hosts just want to make some extra money without having to socialize very much. It’s really up to you to decide what kind of host you want to be!Making money with @Airbnb is easy! If you're an empty nester or retiree, you can supplement your retirement income with #Airbnb - Here are 3 things everyone should know!!Click To Tweet
Rent Out Your Entire Property
If you own additional rental properties, then Airbnb is a great platform for lucrative short-term rental opportunities. Unlike traditional property renting, Airbnb doesn’t lock you into a long-term contract with tenants paying fixed monthly rent. Instead, Airbnb handles payments for you, you can change your prices whenever you’d like, and if you don’t like some guests, then at least you’re not stuck with them for 12 months.
Granted, there is greater stability with long-term leasing because you can predict how much money you’ll make for at least 6-12 months. However, Airbnb has the potential to generate more revenue to supplement your retirement income, and Airbnb’s own demographic research found the number one reason why people aged 60+ host through Airbnb is due to financial incentives offered by the platform.
Should You Join Airbnb?
There’s so much more to Airbnb than just saving money on vacation expenses and increasing your income during your retirement years. When you retire, it can be difficult to connect with other people socially as much as you used to, but Airbnb brings people from all over the world right to your doorstep.
If you want to meet adventurous new people from all walks of life, save money on accommodations while traveling, and make more money without going back to work, then Airbnb is one of the best possible options for retirees.