It's more convenient to take the MTR. There is Poly at Hung Hom Station and City University at Kowloon Tong Station. Therefore, taking the MTR is the fastest, and there is only one stop from Mong Kok East. Moreover, Octopus only costs 1 yuan, which is much faster and cheaper than other modes of transportation.
You can rent a house in Mong Kok East (Prince) because it is convenient in the middle. Renting a house in Kowloon Tong is too expensive. It is a noble residential area.
However, renting in Hung Hom and To Kwa Wan is actually very convenient to go to these two universities.