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By Ron Ye
How fair are Vanderbilt’s housing prices? Although this doesn’t seem to be a question asked frequently around campus, it certainly makes a statement when showing up on the bills of many students on campus. When asked their thoughts on housing prices, which currently cost $6,742 per semester, a Vanderbilt junior commented, “I think it is a bit excessive, even though it’s comparable to average rents in Nashville.”
“I think it’s a bit excessive, even though it’s comparable to average rents in Nashville.”
While financial aid and scholarships can significantly reduce the housing costs for many students, they are highly individualized and depend on a variety of factors. In addition, financial aid is usually calculated based on overall tuition and not just housing costs. In the interest of clarity, it is imperative to examine the base housing prices set by the university, as this will allow students to better understand the fairness of Vanderbilt’s housing costs, which can be beneficial for them regardless of their specific financial circumstances.
There are also a few factors that won’t be considered. Although there are singles, doubles, triples, and suites, these differences don’t merit close consideration as everybody pays the same amount no matter the type of room. We will also not be considering the $412 Residential College Experience Fee that is charged for Warren, Moore, E. Bronson Ingram, Rothschild, and Nicholas S. Zeppos Colleges due to them covering the “experience” and not the room.
According to Vanderbilt Housing and Residential Experience’s website, all students who live on campus pay the same $6,742 per semester. After accounting for the Vanderbilt Student Government fee of $6 per semester, then that would become $6,736 a semester. A semester usually lasts around four months. This means that for housing, a student pays around $1,684 a month. The room sizes also greatly vary from 111 square feet to 310 square feet. This means that housing costs range from around $15.20 per square foot per month to $5.40 per square foot per month depending on what room you receive.
[H]ousing costs range from around $15.20 per square foot per month to $5.40 per square foot per month depending on what room you receive
The best way to gauge the fairness of this range of prices is to compare them to the rent prices around Vanderbilt, the housing prices of universities in cities similar to Nashville in size and population, and the housing prices of similar universities to Vanderbilt.
Housing Costs Around Vanderbilt
How does this compare to the rent prices around Nashville? First, we will look into one-bedroom apartments or studios within a five-mile radius of Vanderbilt available on Zillow. We will only be considering one-bedroom apartment prices because every student is paying the same whether or not they are living with others.
According to Zillow, one of the cheapest apartments is on 122 31st Ave N, which charges $1,025 a month for 700 square feet. This is around $1.50 per square foot per month. One of the most expensive is Parke West, which charges $2,255 a month for 616 square feet. This comes out to around $3.60 per square foot per month. On Zillow, most apartments near Vanderbilt are within this range of $1.50 per square foot per month to $3.60 per square foot per month. According to Apartments.com, an online apartment listing website that offers information to renters and a place for landlords to advertise their rentals, the average rent in all of Nashville as of October 2023 for a one-bedroom apartment was $1,596 a month with an average of 711 sq ft. This means the average rent in all of Nashville is $2.20 per square foot per month, which is approximately in the middle of the range of the cost of most apartments near Vanderbilt.
Housing Costs of Universities in Similar Cities
Next, we will compare Vanderbilt’s housing costs to those of universities in similar-sized cities. According to the U.S. Census, Nashville has a population density of 1,449.1 per square mile. Louisville, Kentucky is similar with a density of 1,468.5 per square mile. Bellarmine University is a university located in Louisville. Bellarmine charges $2,575 a semester for its housing. North Charleston, South Carolina also has a similar density with 1,479.7 per square mile. Charleston Southern University is located in North Charleston, and its housing cost ranges from $5,795 to $6,440 a semester depending on the residence hall. Bellarmine University is much cheaper than Vanderbilt’s $6,742 per semester, but Charleston Southern University is comparable.
Housing Costs of Similar Universities
We will now compare universities that are similar to Vanderbilt in that they are all prestigious, private, non-profit research universities with a liberal arts-focused curriculum. Two universities are especially relevant due to how similar in ranking they are on U.S. News and World Report. Vanderbilt is currently ranked No. 18 according to U.S. News. Dartmouth College is also ranked No. 18 and Rice University is ranked at No. 17. An important difference when calculating costs for Dartmouth is that it operates on a quarterly system instead of semesters. Each quarter, Dartmouth students pay $3,806 per quarter, which would equate to $7,612 per semester for housing. On the other hand, Rice University has another similarity to Vanderbilt as it is located in Houston, a city of similar scale as Nashville in the South. Each semester, Rice charges $5,200 for its housing. Rice and Dartmouth seem comparable to Vanderbilt’s housing costs.
So…What Does This All Mean?
Vanderbilt housing on average charges much more than the rent for one-bedroom apartments within a five-mile radius of Vanderbilt. The average rent in all of Nashville is $2.20 per square foot per month whilst Vanderbilt housing ranges from $5.40 to $15.20 per square foot per month
The housing costs of universities in similar cities to Nashville do not seem to be a good comparison. This is because Charleston Southern University charges similarly to Vanderbilt but Bellarmine charges much less even though all of them are in similarly dense cities. We can infer that population density is not a factor in dictating housing costs at universities.
We can infer that population density is not a factor in dictating housing costs at universities
However, Vanderbilt’s housing costs are very similar to comparable universities. The type of university and how prestigious it is seem to be the most influential factors in determining how much a university charges for housing. In addition, according to the Education Data Initiative, a team of researchers that collects data about the U.S. education system, private, non-profit universities charge, on average, $13,028 per academic year – or $6,514 per semester. This average is extremely similar to Vanderbilt’s $6,742 per semester.
When considering how much apartments around Vanderbilt are charging for rent, Vanderbilt’s housing costs seem extremely unfair. However, it is unlikely that university housing is competing with the rental market, so local rent prices are of little relevance. Vanderbilt’s housing costs seem average and fair when compared to other private universities of similar prestige.
When asked about on-campus housing prices, Vanderbilt Housing and Residential Experience responded that “annual housing rates are designed to cover all aspects of residence hall management—from maintenance and programs to staff salaries.”
“[A]nnual housing rates are designed to cover all aspects of residence hall management — from maintenance and programs to staff salaries.”
Vanderbilt Housing and Residential Experience
The office further noted that “[t]he rates undergo an annual review process that considers the forecasted costs necessary to sustain a safe and secure living and learning environment, such as building upkeep, utilities, and security infrastructure.”
Verdict on Vanderbilt Campus Housing
Fair and near-average when compared to other universities of similar type and the overall average of private, non-profit university housing charges. Unfair and overpriced when compared directly to the Nashville rental market.
