Indiana University trustees have approved on-campus room and board rates for the 2014-15 academic year.

At IU Bloomington, where about 12,240 students live in residence halls and apartment housing, the cost of the most commonly requested room and board package, currently $9,149, will increase by 3.76 percent, or $344.

This package includes an air-conditioned, double-occupancy room in a mid-amenity residence hall and a standard meal plan. Demand for housing on the IU Bloomington campus remains strong, with occupancy nearly 95 percent this year.

The new rates will vary, depending on which facility and meal plan is chosen. Room and board increases range from 0.5 percent (for several one- and two-bedroom and efficiency apartments) to 4.9 percent for economy, standard and enhanced residence hall accommodations. The standard meal plan for 2014-15 will increase by 1.6 percent, or $50, to $3,200.

In her presentation to the trustees, IU Vice President and Chief Financial Officer MaryFrances McCourt said the increases in Bloomington are necessary to cover depreciation, maintenance and utility costs. They also reflect the need for ongoing improvements to older residence halls as well as future capital projects that will enable the university to reach its goal of updating all of its residence halls by 2020.

Last fall, IU opened the Rose Avenue Residence Hall, which is home to 440 students in a variety of living arrangements, and this summer expects to complete the final two phases of a student room renovation project at Forest Residence Center. In 2010, the university unveiled Union Street Center, the first residential complex to open on the Bloomington campus in more than 40 years.

Additionally, in recent years the university has introduced on-campus student housing at its campuses in South Bend and New Albany and the new University Tower at Indiana University-Purdue University Indianapolis, a multi-use facility that provides resident rooms with contemporary furnishings, modern amenities and access to dining, fitness and social spaces.

Despite the rate increases, IU Bloomington’s student housing costs are expected to remain relatively low when compared to other Big Ten schools. McCourt noted that the cost of Bloomington’s most prevalent room and board rate is currently the eighth-highest among all Big Ten universities.

Rate increases for the most commonly requested room and board package at other IU campuses are as follows: IUPUI 4.6 percent; IU South Bend 2 percent; IU Southeast: 1.5 percent

Source: Indiana University, Inside INdiana Business