We have just rented a 3 bedroom apt in Hongqiao for 9500 rmb/month. While looking we saw more expensive as well as cheaper apts of varying quality. The cost of living is certainly going up in Shanghai but you can still get by on the cheap if you want to
Mysharona : THAT'S a pretty awesome price for a 3-bedroom apartment in a city that is internationally renowned like Shanghai! Wow. When I was living in Osaka, Japan ( 2nd most expensive city after Tokyo ), the apartments at that price were usually a studio.