Not sure about rent but it's big enough for a college.
It has a boulevard next to the sea but it's more of a port than a beachy place and it's nicer than Tagbilaran. The nearest beach I think is Dauin which is popular with divers but has dark sand. Just further down about 30 minute trike ride from Dumaguete is Zamboanguita and there's a beach there, not a great one but inviting enough for a swim.