The University's rules on living off campus are that students have to reach senior status first. Only fraternity members can move off campus to their respective fraternity houses with junior status or below. However, if students are able to get enough credit hours to qualify for senior status before their actual senior year, they can move off campus early. Some students do not choose to leave their senior year because student dorms seem easier than finding a living space. However, apartments are relatively easy to find, and many landlords are fine with accomodating students for one year at a time.
The main issue is the proximity to campus. Most of the apartments are a good 15-minute walk from campus, so it is best if you have a car so you can commute. Uptown East Apartments is a good way to live on campus while having an apartment-style setting. It is across the street from campus, so it's very accessible to all of the buildings. Be aware that it is slightly more pricey, as it offers all amenities (big screen TV, desk, chair, bed, kitchen, etc.).
Prices for apartments and houses are not outrageous, but it is better to split the costs with multiple roommates. If living in an apartment off campus doesn’t sound like your cup of tea, there are a few houses around town for rent. These are fun and might be worth the effort of living with friends and commuting to get to campus.