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Just FYI for the price,amenities and location, the UCLA housing complexes are unbeatable. Especially University Village on Sawtelle and Sepulveda Blvd.
I will second the fact they have great prices and some good amenities. You also have the peace of mind knowing your landlord is probably not trying to screw you, plus the lease is month to month. However, I will caveat that with taking your personal situation and noise aversion level into account.
I have a friend who lives in University Village, and if I had kids, it would be amazing to live there: onsite daycare, swimming pool, playgrounds, the works. However...when I went to visit her, her kids were jumping up and down, I could hear the neighbor kids jumping up and down and she said that you will be able to hear babies crying. There were literally kids everywhere. She said it doesn't bother her because she has kids, but personally, as a childless married couple, it would drive me and my husband crazy, especially if we were trying to work or study.
I also drove around the housing complexes further south. They cancelled the actual A-days housing tour, but I feel like I was able to get a good sense of the neighborhoods at least. If you have specific questions, feel free to PM me, but I will say, they are pretty far away from the action. I guess that can be a pro or a con depending on what you're looking for. Also it's about a 30 minute commute on surface streets, but there is a BruinBus shuttle that stops right in front of each southern complex, I believe once an hour.
I would sum it up by saying if keeping your housing budget as tight as possible is your number one priority and/or you have kids or a significant other who is looking for a real support network, the graduate family housing is a fantastic option. If you don't fit either of those categories, I think you can find a comparable place much closer to campus for a few hundred dollars more.