Cuba Hostel: Cheap & Central
You can get a bed in a 10- bed dorm for about €12 during high season.
The interior is a bit bare but they tried to make it fun with some tasteless decoration, which in the end neutralizes the effort and brings it back to the basic, that is, their attractive price.
Dorm in Cuba Hostel
ул. Казанская, 5 Метро Невский ПроспектСанкт Петербург
5, Kazanskaya street Metro Nevskiy ProspektSt. Petersburg
Phone: +7 812 921-71-15
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Your best bet is to stay in one of St Petersburg's bed & breakfast or mini-hotels.
There are so many great hostels in St Petersburg, that it is hard to choose from.
St Petersburg has plenty of inexpensive hotels to choose from: there are also many hostels and bed & breakfasts, which can be highly recommended.