I use a Hotel Atlas in Vienna near the Volkstheater station.
It is convinient to Volkstheater station to West Bahnhof.
When I first visited Vienna I was a student, and my accommodation was at a Studentenheim, ie a students' residence. Now I have an apartment in the same street of that Studentenheim, and I have noticed it is still there, but renovated. There are several more such residences in that nice and central area, near the Parliament and the Rathaus..
They have also maintained the tradition of operating as hotels in summer (July through September) when the students are not there.
The Atlas is just one of several hotels of this kind. Other ones, even cheaper, can be found through the website I am quoting below.
Unique Quality: The Atlas has more facilities than most student's hotels: it has a bar, a restaurant and a garden café. The front desk offers some concierge services such as currency exchange and tickets for the theatres. All the rooms have private bathrooms.
The location is great, close to the Parliament and with all the major sights at walking distance. There is also an underground station really close.
Directions: In the 7th District, close to the Parliament.
Philharmonikerstrasse 4, Vienna, Vienna
Kaerntner Ring 16, Vienna, Vienna
Frankenberggasse 10, Vienna, Vienna
Praterstrasse 44-46, Vienna, Vienna
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Address: Lerchenfelderstrasse 1-3, Vienna, Vienna, 1070, Austria