Sophie's Hostel
Not only is Sophie's Hostel good value for money, but it's also pretty snazzy too. The neutral-coloured interiors are a cosy mix of rustic and modern design elements well suited to those who love a laid-back stay. In case you want to dine in, the hostel also features a communal kitchen and dining space for guests to enjoy catching up over a meal and maybe the odd card game. And if you prefer a little more privacy, the hostel also offers a range of apartments. You're also conveniently located in New Town where you'll find lots of traditional pubs and decent clubs to crawl.
Best for: socialising and walkability.
How cheap is cheap: Pretty cheap, especially for couples and groups.