I was trying to make hotel reservations for graduation and it looks like the Charlottesville hotels are increasing their rates for that weekend dramatically. Does anyone have a suggestion as to where we might stay that would be further out and not quite so expensive? Thanks in advance.
Between Final Exercises and all the weddings in our area, the demand for hotels always bumps prices up a bit. You can expand your search to the outskirts of town (Route 29 or the Pantops area), you could look at hotels in a town about 30-40 minutes away called Waynesboro, or you could look at the home rental sites (there are several).
Have you joined the UVA Parent Network on Facebook? It is not “official,” but is run by several parents and has thousands of members. They cam use the search feature in the group to read loads of threads with advice about hotels. 
I always stayed in Waynesboro, which is right off of I64 west of Cville. It was often more convenient to drive at 75 mph on I64 than to sit in 5 mph traffic on Rt. 29 north. For graduation, it is very easy to get from I64 to the Scott Stadium parking lots, where you pick up a shuttle bus. Remember to book an extra night if you want to move your student out the next morning.
If you are heading east (as opposed to west , Waynesboro), you can also look in Gordonsville , Zion Crossroads area Best Western). Ruckersville , north, also has hotels. Good luck with finding a place!
Don’t laugh, but a very affordable and convenient option is staying on Grounds in a dorm. It’s absolutely no frills, but it worked well for us. https://conferences.virginia.edu/finals-weekend