Approximately 76 percent of the current undergraduate student population live on campus in nine coeducational residential colleges. Students who live off campus maintain their college affiliations. In the colleges, students live, dine, and study together and participate in self-government, intramural sports, and other social and cultural activities. Random assignment of entering students to residential colleges ensures that each college reflects the academic, geographic, and cultural diversity of the overall undergraduate population. The residential colleges are:
 

Baker College, named for Captain James Addison Baker, attorney for William Marsh Rice and first chair of the Rice Board of Trustees. Brown College, named for Margaret Root Brown, wife of Rice benefactor Herman Brown, who, with his brother George, established The Brown Foundation. Both Herman and George were underwriters of the Brown Challenge and many other major gifts to Rice. Hanszen College, named for Harry Clay Hanszen, benefactor and former chair of the Rice Board of Trustees. Jones College, named for Mary Gibbs Jones, wife of Rice benefactor Jesse H. Jones. Lovett College, named for Edgar Odell Lovett, first president of The Rice Institute. Martel College, named for Marian and Speros Martel, whose foundation has a tradition of philanthropy to the university. Richardson College, named for Sidney Williams Richardson, Rice benefactor. Wiess College, named for Harry Carothers Wiess, Rice benefactor and trustee. Will Rice College, named for William M. Rice, Jr., Rice benefactor and trustee and nephew of founder William Marsh Rice.

Each residential college is overseen by a Master or, more commonly, a married couple, both of whom serve as Masters. At least one Master at each college must be a member of the faculty. Masters live with their families in houses adjacent to the colleges. They have overall responsibility for all aspects of student life in the colleges and are especially responsible for encouraging broad cultural and intellectual interests and for promoting self-discipline and effective self-government within the colleges.

Rice’s graduate students live off campus, either in nearby rental properties or at the university-owned Rice Graduate Apartments or Morningside Square Apartments.

The Rice Graduate Apartments were built primarily as a landing pad for entering graduate students. Located only a few blocks from campus, the complex's proximity to the university gives residents the advantage of an on-campus lifestyle. Students can walk, bike, or take the shuttle bus to their campus activities. The design incorporated all practicable suggestions from an advisory committee of students, faculty, administrators, architect, and builder. These efforts resulted in a three-story structure whose clay tile roof and masonry exterior are in the Rice tradition and, at the same time, are compatible with the surrounding neighborhood. The building can house 222 students in 112 apartments, where each student has a private bedroom and most occupants have their own bathroom. The apartments are partially furnished and equipped with state-of-the-art appliances, a network port providing a direct link to the campus computer network, telephone jacks, and a cable TV connection. The apartment building also includes amenities conducive to everyday living, studying, a sense of community, and fun.

Additional Rice-owned graduate housing is provided in the Morningside Square Apartments. Recently renovated, these two-story 1950s-vintage units are located in a quiet neighborhood within an easy walk to campus. There are 53 unfurnished one-, two-, and three-bedroom units featuring hardwood floors, kitchens with refrigerators and gas ranges, ceiling fans, and window air conditioners. The complex is attractively landscaped and offers gated and covered parking.

As of Fall 2003, 26 sport clubs were registered at Rice with more than 1,000 participants. Registered clubs include: Badminton, Cricket, Cycling, Fast Pitch (women's), Fencing (men's and women's - academy), Karate, Lacrosse (men's and women's), Outdoors, Rowing, Rugby (men's and women's), Sailing, Skydiving, Soccer (men's, women's, and graduate), Social Dance Society, Ultimate Frisbee (men's and women's), Volleyball (men's and women's), Water Polo, Field Hockey (women's), Tae Kwon Do, Judo/Jiu-Jitsu, and Shooting.

In 2002-2003, almost 4,280 undergraduates, graduate students, and members of the Rice faculty and staff participated in organized intramural sports activities involving 19 sports (badminton, basketball, billiards, cross country, disc golf, flag football, floor hockey, golf, racquetball, sand volleyball, soccer, softball, swimming, table tennis, tennis, track, ultimate frisbee, volleyball, and wallyball) and 530 teams.