Areas to stay are HKG island, Tsui San Tui (something like that), Jordan, Mong Kok. There are hotels plenty for 600HKG a night.
A cheaper option is local guesthouses. All places are a box some smaller than others, but some are okay. Most have tv, tiny bathroom, Wi-fi. Price from 150-300HKG for a private room. You don't have to book in advance.
There are many places so you can walk and see which you prefer by entering the building and just checking it out. We chose Mong Kok by accident and we love it there. Very happeninq, but not as expensive as TST. You can take a long walk or ride metro for 5min to any tourist spot. 83 Argyle st. Sincere house.
Don't get put off by the old buildings, inside is new and very clean. Chung King mansions is in TST. But looks a bit seedy, but seems popular as very cheap accomodation. Tiny tiny though.
Ciao for now...
