Consider this map of the area around Rice. The bit enclosed in purple is safe to live in and bike to campus from. The green areas are the main residential blocs. I have shown some prices representative of per-bedroom rents in these places. There are cheaper places within these areas but you would have to search for them.
Bike routes become a little inhospitable here, mainly in terms of increased traffic.
There are apartment complexes in the green areas that you can walk right into and sign on a lease. Be prepared to pay a month's rent in deposit at these places. The hotel is not the best place to bike to after 9p, so you can't stay there long if you plan to work late hours. If you have a car, you can move as far field as the green area outside the purple area. Nights are a pleasant respite and if you can endeavour to stay indoors, the days aren't too bad.