I agree with that as a general proposition. What you are likely to find in this situation, however, is that a court would say the university had a right to reasonably inspect the rooms for unsafe conditions and material and that the students, warned in advance of this right of inspection, (a) had no expectation of privacy, and (b) had consented to the searches.
If they are searching for weapons or some other contraband, they need a warrant.
Landlords can perform a reasonable inspection of apartments, but they can't inspect drawers or personal belongings. I don't see why this school setting should be different.