Thank you for starting this thread! I have been agonizing about exactly this problem.
My schools are several states apart, my first choice is in the town I currently live in, and I own a home here
. I am on the nonpriority, resident waitlist at my first choice.
Basically, even with an aggressive campaign to be admitted, I have a snowball's chance.
I decided to rent month to month. I am negotiating to live in a condo that I will make an offer on if my first choice does not come through. I will wait until the second week of classes.
Basically, I am assuming School B is it for me, but leaving myself just enough wiggle room if School A comes knocking.