In November 2016, Airbnb released a report that highlighted the increasing number of older Americans that take part in home sharing. The report, “Home Sharing: A Powerful Option to Help Older Americans Stay in their Homes,” outlines the positive impact that this new income can have on older adults’ finances and well-being, as well as home sharing’s potential as a housing solution for the nearly one-in-five Americans who are retired.
The report noted that Airbnb has seen a rapid embrace of home sharing by the older adult community. Additionally, older adults are some of the best-reviewed hosts, and they are also some of our most adventurous travellers.
These trends hold true in the Toronto area, where senior hosts are the fastest growing age bracket on the Airbnb platform.
Here are some stats on our Toronto-area senior hosts:
- While just six per cent of the Toronto area’s roughly 11,000 active hosts are seniors, those aged 60 and older grew by 54 per cent in the last year, outpacing all other host brackets.
- With typical monthly Airbnb earnings at roughly $560, hosts aged 60 and older are amongst the highest earners in the Toronto area, only slightly outpaced by hosts aged 50 to 59.
- That means that the typical senior host in the Toronto area makes about $6,700 annually. In fact, the typical monthly earnings for a senior is just under the basic Old Age Security pension ($570.52) and just under the maximum Canadian Pension Plan payment amount of $685.11.
- This is about $1,800 more than the annual earnings of a typical Airbnb host in the Toronto area ($4,900). Senior hosts tend to host the most often, and this is a contributing factor to their higher earnings.
- Over the last twelve months, the typical nights hosted by a senior host in the Toronto area was 55, or just under two months of the year.
Airbnb can help support Canadians’ retirement by supplementing their fixed income in increasingly expensive cities. We have been excited to see so many older Torontonians discovering the social and financial benefits of home sharing, and welcome them to the Airbnb community. To learn more about our Toronto senior host community, read the full report.