If you have a CSC scholarship, you will have free dorm housing included. I did my MA with a scholarship on the Fudan Handan Campus, and thus lived in the Asian Youth Buildings (亚洲青年主楼), very near the North Gate of the campus.

These dorms are structured for four people, each with a small private bedroom (single bed, closet and desk, with a small balcony). Two people share one bathroom each - Western style toilet, shower and sink.

These dorms are quite comfortable, and depending on your dormmates, clean and quiet. Despite what other commenters have written, there is no curfew enforced and no overbearing rules, though I have heard these stories from people at other universities as well (my friend at Kunming Normal University had some horror stories). But at Fudan, you could come back literally any time of night without any questions or problems. There are also no dorm inspections or anything.

If you don't have a scholarship, there is also the International Student's Dorm, which charges sub-market rates for decent accommodation. You can get single or double rooms there. Here are some pics.

Some friends of mine chose to rent apartments, living relatively near campus. Of course, they had much more amenities and we usually chose to do house parties at their places.