Rentals in Madison are spendy, even in an older building. And rentals that are close to grocery stores or the co-op are at a premium even in Madison.
My best guess would be that in the areas away from the UW campus (where rent rates are at least 25-30% higher than the rest of the city), you'd be looking at $450-$525 for a studio, and $500 to $650 for a decent one-bedroom. You could spend a whole lot more than that, of course, and if you are comfortable living in the "iffy" parts of town, you could get away for less, but that's probably about the range you can expect.
For a better idea of rental rates in Madison, try this website:
Start Renting - Search for your Madison, Wisconsin Apartment. They also have a hard-copy tabloid that can be found for free in newstands around the city.
You can also check out the classifieds in the local newspaper's online presence here:
madison.com. Some places list in both places, but some landlords prefer one or the other, so you could get more choices that way.
Another alternative is the website of the Isthmus, the local free weekly alternative paper. That website is at
ISTHMUS | The Daily Page | CLASSIFIEDS.
Wherever you rent, if you're going to be paying for your gas and/or electric costs, you absolutely should check out the place's utility cost history. Madison Gas & Electric can give you that essential information here:
Average Energy Use and Cost for Residential Addresses.
Before signing a lease, you will also want to touch base with the Tenant Resource Center, which serves as a sort of Better Business Bureau for landlords. They can tell you if your prospective landlord is an upfront sort of person who takes care of the properties and doesn't rip off tenants, of if it's someone you should avoid at all costs. You can reach them here:
Tenant Resource Center.
Good luck in your search! This can be a terrific city to live in, and you'll find a lot of folks who really love being here. I hope it proves to be a good fit for you, too.