Sharing Economy a Boon for Seniors

Who couldn’t use a little extra income?   Seniors who can expect to live longer in retirement may be perfectly poised to join in the sharing economy and earn some extra cash.  Perhaps it’s a second car to rent out by the day or a spare room in a too-large home, older adults may be able to turn their under-utilized assets into added earnings.

Peer to peer car rental through companies such as Getaround, RelayRides and JustShareIt, allow potential renters and car owners to connect through a mobile app or website.  According to the CarSharing Association, car sharing services like Uber, a mobile app which connects you with local drivers and ZipCar, which rents cars from a fleet of vehicles at an hourly rate, is expected to grow into a $6 billion global business by 2020.

Some sites also offer sharing of other vehicles including motorcycles, boats and sport utility vehicles.  Before renting your car to anyone or using any of the services be sure to check insurance coverage.

Homeowners can rent out an entire home, a private room, an apartment or provide a bed and breakfast through sites such as http://www.Airbnb.com.  The community marketplace offers an insured means of listing extra space for a night, a week or a month to a worldwide audience.  The website gives potential renters tips for making their home safer and links to municipal websites detailing hosting and renting regulations.

Home sharing programs may also help seniors remain in their homes longer by matching older homeowners with pre-screened students or other housemates who help around the house and/or pay a modest rent.  For more information, visit Homeshare International at http://www.homeshare.org .