Parking rates set to increase for Medical Center lots, garages
Effective Oct. 1, parking rates for Vanderbilt Medical Center will increase 3 percent for all areas except premium spaces, which increased July 1.
Ken Browning, director of Plant Services, said the increase was necessary to offset increasing expenses.
Browning cited increases in shuttle fuel costs, routine maintenance and construction costs as the main reasons for raising parking rates.
Fuel costs have risen 60 percent since July 2007, resulting in additional expense exceeding $100,000 per year.
As garages age, routine maintenance, like concrete repair, is also contributing to the increasing expenses.
“Operating expense continues to go up, and while these rate increases won't be enough to break even, we at least won't continue to lose ground,” Browning said.
Although monthly parking rates average about $19, Browning said a parking space's average cost is actually around $125 per month.
October's increase in parking cost will range from 11 cents to about $1 per month per customer, and is estimated to bring in an additional $70,000.
Browning said it has been about 10 years since the last across-the-board increase, but VMC should expect annual increases in the future.
“Expect a 3 to 4 percent increase every year to prevent having big increases every five to 10 years,” Browning said.