From around 8am-3pm on weekdays, schools are jam-packed with students, teachers, lunch ladies, and other staff. But during the summer, on weekends, and after the school day ends, they're mostly empty.
That’s changing, thanks to businesses like School Space, which helps schools collect checks instead of dust by renting out unused gyms, auditoriums, and classrooms to local groups.
Founded 15 years ago by Jemma Phibbs and James Lloyd, then student body leaders at their high school in Oxfordshire, England, the so-called “Airbnb for schools” now has 300 employees and has helped add $26m+ to schools’ budgets, per The Times.
How it works
- School Space works with 70 schools in the UK, helping them rent out their facilities to non-student groups (e.g., religious orgs, language schools, sports clubs) who are required to have insurance or a safeguarding policy.
- It hires local “community connectors” to handle building access and customer service, while sales reps reach out to local orgs to bring in more business.
- The company takes a cut of the booking fee, based on the school’s size.
On average, schools net close to $150k in additional funding each year through the service, which can pay for renovations, new amenities, and more. For example, one London-based school used the extra cash to provide its students with free breakfast and financial aid.
Is this necessary?
Yes, according to Phibbs, who told The Times additional income “is no longer a ‘nice to have’” but necessary for underfunded educational institutions.
A 2020 study found that K-12 public schools in the US are underfunded by $150B. In the UK, 74% of schools have faced budget cuts since 2010 in a situation politicians, parents, and unions have described as “desperate.”
Making an ‘Airbnb’ out of everything
School Space isn’t the only company turning underused public assets into revenue streams, a growing niche within the $400B+ sharing economy.
- In the US, Facilitron helps its roster of 10k+ schools and colleges generate money from otherwise wasted space. In February, it released a first-of-its-kind national governance framework for community use of K-12 public schools.
- CivicRec works with parks and rec departments nationwide to make reserving public activity spaces easier.
- ChurchSpace, dubbed the “Airbnb of churches,” helps churches fill up their pews even on non-holy days. It raised $1.2m last year to expand its operations.
The list goes on — and with it, so do the profits.
