Recommendations are based on three standards: location, accommodation and atmosphere. Welcome to leave comments and any specific questions!
#1 Rock and Wood International Youth Hostel — ranked 1 of 107 specialty lodging in Shanghai on Tripadvisor from CNY 50
No.615 Lane, ZhaoHua Road, Changning District. Shanghai, China
Spacious rooms with decent furnishings and the chic environment make it a place of great value for the money. Its carefully designed common space has everything ready, such as bar, snooker and magazines. The little yard on the first floor is perfect for enjoy the peace. Breakfast is not included but lots to choose from on reasonably priced menu. Two main down-sides: relatively slow internet and the fact that it is a little bit outside of central Shanghai.
#2 Mingtown Etour Youth Hostel from CNY 55
No.55 JiangYin Road, Huangpu District, Shanghai 200003, China (People’s Square)
It is located at the very city center, close to the Bund and metros which can easily take you to other attractions. Downsides: staff service and facilities are not always satisfactory.
#3 Le Tour Travel’s Rest Youth Hotel from CNY 60
No.36, Lane 319, Jiaozhou Road, Jin’an District, Shanghai 200040, China (Jing’an Temple)
It is located in Jin’an District, a chilled out central district in Shanghai.
Free wifi is provided in common areas. Its roof-top terrace is a plus. Though rooms are comfortable and clean, the bathrooms are sort of outdated — expect for unpleasant smell.
#4 ShanghaiBlueMountain Youth Hostel (Luwan Branch) from CNY 130
2FA No.1 Lane1072 Juxi Road, Luwan District, Shanghai 200023, China (Dapuqiao)
Pros: good location near city center (50 meters to metro station), nice shopping areas and restaurants around, good service
Cons: no single bed provided (double room from CNY 130), outdated facilities, noisy spot
#5 Captain International Youth Hostel (Fuzhou Rd Branch) from CNY 75
No.37 Fuzhou Road, Huangpu District, Shanghai 200002, China (The Bund)
If you are looking for somewhere special and don’t care much about accommodation, then this could be your place. Pros: good location in central Shanghai, special elements of sailing, roof-top bar overlooking the Bund. Cons: mediocre facilities and passionless staff. The location of Pudong Branch is No.527 Laoshan Road, Pudong New District, Shanghai 200122, China (Lujiazui)