Hey MJA87,
If you want to live downtown downtown, it's going to be very expensive, but if you're willing to be a little way off of campus, it will cost in 650-850 range for a one bedroom. There are lots of good deals - lots of people rent out rooms to UT students, and I am currently living in a house for $500 a month that is a 10 minute drive from campus. There's lots of good options if you're willing to not be in the center of Austin!