That will be very difficult. Rents in this part of Cambridge are quite a bit higher than that, and are going up because of new office buildings creating even more demand for high-end apartments. You may be able to find a studio in the $1300 to $1500 range "near MIT" and the farther away you go the easier it will be. If you find something in Boston on the Number 1 bus line, that bus goes right to MIT. Somerville is only a few minutes away by car, but it can be awkward to get back and forth from MIT to Somerville by bus.