Most of the apartment complexes in the BYU area use Off Campus Telecommunications. I live in a house, but we were associated with a nearby apartment complex, so we had this phone system too.
The cost each month was $35 with taxes. For this, you got Call Waiting, Caller ID (with an appropriate phone), and other features.
The line did not have any long distance capabilites or voicemail. You have to pay extra to get a voicemail box set up. For the long distance, each individual person needed to be set up with a long distance calling card. I found the rates of a card I got at Costco to be much cheaper.
The phone from this company is comparable to other standard phone companies. I switched because I got Vonage - lots cheaper since I get unlimited long distance and all.