Student housing is always extremely expensive/lucrative for landlords. That is the source of controversy in many locations - most new housing development in my area (Binghamton, NY) is focused on the student market, and there are few new apartment complexes constructed for those who are actually working for a living. (The local university is kind of notorious for attracting students that are from wealthy Long Island families - families wealthy enough that some of them will buy a house for their kid for four years, and sell it or become a student slumlord after their kid graduates.)
For reference, when I was a student: A single bedroom in a multi-tenant apartment ran $450-500USD/month 20 years ago, and that was actually on the cheap side of things.
My last apartment (which I lived in for a decade) was around 800 square feet and had a riverfront balcony for $500-560/month (rent slowly increased during the decade).
My current location is $900/mo for 1400 square feet with a garage, but I got extremely lucky - it has a long waiting list usually. Student housing only a few miles away goes $1500-2000/month for less space and amenities, and all new construction is focusing on that market.