moving?

I'm in a bit of a pickle. I love where I live right now in the heart of Downtown Toronto, but my roommate is moving out likely by the end of April, and probably going to sublet. I've been looking for other places to live that are cheaper than my current monthly rent ($720 + internet/cable), possibly from May-August and thereafter. I was actually really interested in looking for a bachelor apartment, but I doubt they exist for less than $900/mo.

Anyway, I'm on the lookout and I found one place that is really close to school, $600/mo (for May-August anyway, not sure if it's that price normally). It's a bedroom in a 2-bdr basement apartment, but meh, whatever, right? I don't really use my gym facilities as much as I should anyway, so maybe it's a good idea. In any case I'd be saving $120/mo, or $1,440 per year... I could buy a new laptop with that! From the pictures it looks nice enough (much like a place I used to live in Waterloo), so it'll probably work out well. Guess I better dust off the plastic furniture and inflatable mattress again...