Nólsoy is an easy day trip via ferry from Tórshavn, but there are places to stay on Nólsoy itself. The first place to go for private accommodation is the village coffee house, the functionally-named Kaffistovan (Faroese for "coffee house"). They do not have email, but you can call or fax them to see if they have a room. Note that the proprietors do not speak English. I'm sure a fax with simple hotel terms should be OK, though.
Prices are not posted. My guidebook says a double room costs Kr 350 per person, including breakfast.
One interesting side note: the tourist office's webpage says, "Please note that smoking is permitted at Kaffistovan." Whether that's a misprint meant to say that smoking is NOT permitted, or if it's to warn anti-smokers of smoky rooms, I'm not certain. Be warned, either way.
If Kaffistovan is full, you can inquire at the tourist office for private accommodation. There is also group accommodation at Royndarhúsið; you can book through the tourist office.
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