This hostel is conveniently located about a 15-minute walk from Senso-ji Temple in Asakusa and costs about ¥2,800 per night for dorm-style beds. Nui found its way onto this list because of the great social atmosphere it offers. On the bottom floor of the hostel there’s an amazing café/bar where you can enjoy a nice cup of joe in the morning or mingle with loads of interesting people in the evening.

At about ¥5,000 per night, Green Plaza Shinjuku is by no means the cheapest option for budget travelers. But the price includes access to the hotel’s sento (artificial hot spring bath), which more than makes up for the extra outlay. This hotel is a great option if you want to relax for a night and experience a uniquely Japanese phenomenon: the capsule hotel. The staff also speak English, so the check-in process is a breeze. Just be sure to brush up on your Japanese onsen etiquette, as staff and guests alike will expect you to follow the rules.

If you’re looking for something a little different from a hostel, Hotel Graphy Nezu may be the place for you. This unique accommodation is actually a residential hotel, so about 70 percent of its guests are local Japanese. Its location may also be its biggest drawback, however: Nezu is a residential area, so it’s outside of the hustle and bustle of central Tokyo, and you’ll definitely need to catch a train to get to the more exciting areas. But the rooms and facilities are larger and more comfortable than other budget lodgings, and the maximum you can expect to pay is ¥4,200 on a weeknight. We'd call that a fair trade.

With 13 branches around Japan, you can count on Khaosan Hostels to deliver a quality stay at a reasonable price regardless of where you are in the country. However, Khaosan Tokyo Oragami earned its place on this list by providing its guests with a fun, clean and friendly atmosphere. Priced at ¥3,200 for a bed in a dorm, you won’t be disappointed with the value.

If you’re into traditional Japanese architecture, Toco. Tokyo Heritage Hostel is the place for you. In 2010, a 90 year-old Japanese building was converted into a hostel, and since then has become one of the top-ranking budget accommodations in Tokyo. Inside the building there's a similar artsy/trendy bar vibe to that found at Nui—unsurprising given they're sister companies. Here you can meet plenty of really interesting people or have a nice chat with the incredibly friendly staff. This lodging is near Ueno Station, so it’s close to a lot of prime tourist destinations. You can expect to spend about ¥2,700 a night.