Starting from a mean-field description for a dispersion of highly charged spherical or (parallel) rodlike colloids, we introduce the simplification of a homogeneous background to include the contribution of other polyions to the static field created by a tagged polyion. The charge of this background is self-consistently renormalized to coincide with the polyion effective charge, the latter quantity thereby exhibiting a nontrivial density dependence, which directly enters into the equation of state through a simple analytical expression. The good agreement observed between the pressures calculated using the renormalized jellium and Monte Carlo simulations confirms the relevance of the renormalized jellium model for theoretical and experimental purposes and provides an alternative to the Poisson-Boltzmann cell model since it is free of some of the intrinsic limitations of this approach.