With people living longer than ever before, and typically working until later in life, the way that people retire is changing.
Many are scaling down for a more manageable lifestyle, opting to use a different skills set for an additional source of income. For some, this means starting a small business from home. For others, it means taking on freelance or advisory work.
Many older people around the world are opting to use or create a space in their homes to earn an income into their retirement years. New statistics released by Airbnb show that more and more people over 60 are choosing to share their homes on the platform in their older years.
Adults aged 60 and older are the fastest-growing and highest rated host demographic on the Airbnb platform. In fact, there are now over 400 000 hosts over the age of 60 on Airbnb worldwide. In the last year these hosts earned upwards of $2 billion, with over 13.5 million guests from more than 150 countries staying at their listings.
According to Airbnb, these hosts are also the “most loved” ‒ receiving better reviews than any other age group, with 85% boasting five-star ratings.
Older adults have taken to Airbnb in recent years to utilise unused space in their homes, to meet new people and learn about different cultures, or as an additional source of income or to supplement their pensions. The year-on-year growth for senior South African becoming hosts is 39.37% (1 September 2017 – 1 September 2018) – making them the fastest growing host age group in the local market.
Local hosts Sid and Rahel Kahn had a spare room under their house in Port Elizabeth, which they originally used as a playroom and later fitted out for their son to live in. After he moved out, the couple used it when friends came to stay.
“We had a friend and her husband visiting from Cape Town. She looked at the room and said we should think about using it as a B&B,” explains Sid.
“She was doing the same thing in Cape Town. So, we started quietly and it’s grown nicely.”
They started hosting guests at Guineafowl Inn in the 90s when they retired, relying mostly on word of mouth and referrals, but signed up with Airbnb late last year to try and attract more business.
The well-equipped, private guest suite overlooks Port Elizabeth’s Baakens River Valley, and is located near Greenacres Shopping Centre and Netcare Greenacres Private Hospital. It is also within easy reach of a number of local attractions and amenities.
The Kahns have had return visitors on holiday every year, as well as many guests who travel from areas surrounding Port Elizabeth to visit the local hospitals.
“We’re on the recommended list at the hospital and, when people want to stay over, they often refer them to us. Our place is very comfortable, convenient, and we do try to go out of our way for people. We even have wheelchair access, and recently won an award for excellence in accommodation for people with special needs,” explains Sid.
Operating through Airbnb, they have seen a gradual increase in business and had travellers from Germany, Sweden, France, England, and from across South Africa visiting.
“We have been retired for many years. This accommodation helps us to cover inflation rates, and the additional income supplements the pension nicely,” says Sid.
As for scaling down, he says he probably had more spare time when he was working full time than now as there “is always something that needs doing” and, at times, “Port Elizabeth is bursting at the seams” when special events are taking place.
Mariette, an over-70 host from Cape Town, has noted that hosting on Airbnb has allowed her and her husband to meet interesting people from around the world.
“Earlier this year we had an adorable Dutch mother-son pair. We spent a lot of time out on the stoep with them, taking in the view and just chatting,” explains Mariette.
“I’m still working as a homeopath and, when I do eventually retire, it would be nice if our little flatlet above our garage could be rented out on a more regular basis in order to cover things like rates and taxes.”
Globally, the over-60s group of guests are also setting records as the fastest-growing of any age group using Airbnb, with the number of seniors booking accommodation through the site growing by 66% in the past year. It is also worth noting that South Africa has one of the highest proportion of over-60s who travel with Airbnb.
Other South African highlights include the fact that Ballitoville in KwaZulu-Natal is one of the top trending destinations for seniors around the world.
Senior guests are also leading a new trend of multi-generational family travel through Airbnb. Many multi-generational families are using the platform owing to the wide variety of accommodation options available, often providing amenities perfectly suited to family travel. Multi-generational family travel bookings have grown 75% in the past year. More than half of these new bookings in 2018 were by first-time bookers.
It is clear that the older generation is not sitting idle. They are making the most of their resources in order to improve their lives in many ways. The young can learn a lot from the young-at-heart.