The Florida Gulf Coast University Board of Trustees on Tuesday approved raising student on-campus housing costs by 5 percent a year over four years, with the school saying its current rates are lower than most other state universities.

The increase was spurred by a “review of capital improvement needs, financial projects (and) market conditions” off-campus and within the state university system, the board’s agenda said.

The increases for three residence-hall complexes, which total 4,748 beds, will be phased in over the next four years through 2028.

For example, the cost of housing at West Lake Village, the school’s most-expensive residence hall, will go from $7,230 in the current year to $8,790 in 2028.

North Lake Village, the least-expensive residence hall, will see rates go from $5,896 this year to $7,167 in the same period.

A presentation to the board during a meeting Tuesday showed that prices for “like facilities” at FGCU are lower than eight other state universities. It also showed that schools such as Florida State University, the University of Florida and University of Central Florida have raised their rates in recent years.

The presentation said that FGCU’s increase is “not made lightly, but economic realities and maintenance needs must be managed.” The presentation also said that the increase “over time does not place undue financial burden on students who live on campus,” and said that implementation over four years “allows for prudent financial planning.”