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No best answer has yet been selected by mks76. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.All areas of London have a good and bad side to them, the area around Camden station can be far worse than some areas around Kennington. If you decide to live near Kenington I would keep as far away from Elephant & Castle as possible. Obviously the nicer the area the more expensive it is to live.
Lambeth has a lot of social problems and so finding the right area to live around there would be difficult, even for Londoners. If you are young, free and single, a hip 'n' trendy place you could consider would be Clapham, also you have Balham or Tooting, which would all give easy access to Kennington on the Northern Line. Good luck.
I agree with Octavius....Balham and Clapham are both nice, and within easy reach of Kennington, and they are fairly cheap. You might want to check out moveflat.com which has flatshares, and a location map to help decide where to move.
I would avoid moving to Kennington really, having wandered around there several times on an evening waiting for the nightbus, its not the nicest and safest of places.