Since the new school is located on State St in downtown Santa Barbara, it's possible to find rentals within several blocks of the school. The immediate neighborhood is largely a nice mix of "older" homes with character from the 1920s to the 1950s and apartment style units from the 60s and 70s. Pricing for a room rental or shared apartment is likely to be between $650 and $1000 a month.
We don't have much in the way of shared rentals on our MLS. Her best bet for finding something is to check Craigslist http://(www.craigslist.com), our newspaper http://(www.newspress.com), or another paper, the Independent http://(www.independent.com).
Please feel free to contact me with any further questions.