The Tennessee Tech Board of Trustees discussed raising housing rates over the next five years during a meeting on Thursday.
The proposal was to raise housing rates annually by five percent over the next five years, starting in the fall of 2025. Chief Business and Fiscal Officer Dr. Claire Stinson said the raise is part of a five-year financial projection plan for the university’s housing, intending to cover operating costs and deferred maintenance.
“We have looked at our rates,” Stinson said. “We feel like they are going to be competitive with other Tennesse Public Universities. We are also proposing a change in the rate for single occupancy rooms.”
Stinson said approving the rate increase for five years helps with projections and makes sure the university has the resources needed. Stinson said should the rate increases need to be stopped, the board does have the authority to do so.
“It is always the right of this board to come back and say okay we want to relook at that,” Stinson said. “Say three years and we see that we have increased capacity and students staying on campus, that type of thing and the board thinks okay we could reduce that rate, so the board does have the right to ask for that.”
Trustee Fred Lowery asked Stinson if approving a rate increase less than five years would prevent the initiation of projects. Stinson said it would inhibit the ability to start projects and that the board needed to start planning ahead of time.
“One of the things that concerns me is we need to be planning ahead of when we are going to implement a project,” Stinson said. “We need to be staying on top of those maintenance issues.”
Trustee Camron Rudd said he had concerns about raising rates for five years as it could lead to the university not being competitive with other universities. Tennessee Tech President Phil Oldham said housing is a big reason why the university can compete in the open market. Stinson said the university is starting a second housing study and will continue to monitor housing rates.
Stinson said the rate increases would be for resident halls and Tech Village Apartments. The Board of Trusstees approved adding the proposal to the board’s regular agenda for further approval.
