I know some law students who live in Red Road Commons, although I'm not sure if they have 2 people living in a 1 bedroom, however I'm sure it can be done if you want. I've visited before, and from what i've seen they're pretty spacious.
And yeah, while 1,600 is steep, that price represents Red Road Commons, which is a newer complex that is literally right across the road from campus -- so as you venture outward prices should come down, but like I said before, make sure you do your due diligence and find somewhere safe.
Another place to check out that is cheaper is University Inn Condominiums - not sure what the price range is, but I'm almost positive it's less expensive than Red Road. It's right across the highway from campus. I know a few people who live there, and it's literally a 2 minute drive across the highway to campus, or a 5 minute walk give or take.
Be warned though, if you don't plan on having a car on campus and will have to walk places - Miami drivers are friggin nuts. Every year there's at least 1 student who gets hit by a car, and to be honest I'm shocked that number isn't higher. Even with a car it's problematic at time. In fact, that's one of the very few complaints I've had about my time at Miami. The immediate area around the campus (Coral Gables/South Miami) is home to some of the worst traffic congestion you'll ever see - it's a total clusterf**k at almost all hours of the day. Definitely have to factor that in to your commute time, if applicable.
All in all, I guess if my biggest complaint has been traffic congestion, it speaks pretty well for the school/area.