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you'll find plenty of "artsyness" in portsmouth. I would say that it does remind me slightly of a college town, moreso of a cool tourist town though. All semantics aside, it's an awesome town that I absolutely love, and spend tons of time in. you'll love it.
As for rent there, expect to pay in the $800-$1200/month depending on how close to want to live to downtown, and the size and type of place you want to rent. There are always cheaper options, and more expensive, but that seems like the most common range I see. Lots of younger 20-30 somethings rent houses together and help cut down cost.
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