Official comment
Hey BearOH, I might recommend that you download it and install it in parallel to your existing version so you can try it for yourself instead of relying on the word of others who may have a different experience.
If you're using Mac, simply go into the Finder > Applications > rekordbox 5, and rename the rekordbox app to the version number (like I have here):

If you're in Windows, no need to remove the old one - it's already in a folder with the version number, and you're prompted during the installation process if you want to remove the old one (you can select not to).