Kelly King of Bankrate tells us that according to Airbnb "the number of experiences hosted by people 60 years and older has grown by nearly 1100% over the past year., with retirees comprising more than half of senior hosts on Airbnb". Seniors choose to offer their homes through services like Airbnb or VRBO (Vacation Rental by Owner) primarily for the additional income that the rental provides but also to find that it helps them stay socially connected, leads to meeting new people and puts an otherwise vacant second home to use.

According to Airbnb, 78,000 seniors (age 60 and up) earned $700 million in earnings. An average host earned $7,000 in income. Deciding to go the route of offering your property on Airbnb or VRBO is a big step and it is important to understand all aspects of the process.

Bankrate put together "A retiree's guide to hosting on Airbnb" written by Madison Blancaflor. This guide is extremely helpful because it outlines everything from preparing your home, tax implications and host security.

Read a Retiree's Guide to Hosting on Airbnb at Bankrate.com

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