PT is okay, if not just a bit too far to comfortably walk.
Most students stay near the school, but some just seek out apartments near the EL so they can get to school quick. For my first year, I lived near Grand and Ogden and had easy access to the blue line, which drops you a block away from school.
My advice is to search craigslist chicago and the chicago reader for apartment listings, then cross-reference it all with train access. Both the blue and red lines drop you within 2 blocks of school, so living near one of those lines is generally going to make your life easy. JMLS doesn't have any real student housing, so there is no real concentration of students living in any one place.
I have friends who live in the River North area who overpay for their space, but live by the red line. Apartments in PT are expensive, but (I believe) come furnished. If you want to save some dough and have stuff to move, River West, Bucktown, Wicker Park, Lincoln Park, and River North are some good options. PT is in the heart of the business district, so there isn't much going on in the neighborhood late night or on weekends (which is good and bad).
Here's a link to craigslist: http://chicago.craigslist.org/apa/
Here's the link to the reader: http://classifieds.chicagoreader.com/chicago/