I second the Hotel Pasquale. It is a basic hotel, but the best spot to be in in Monterosso. Steps away from the beach and restaurants, while the Porto Roco may be nicer, it is a hike up and farther away from the action. It is gorgeous there. You will love it!

We stayed at Camere Guiliani. About 60E. Its in Vernazza and has great views of the town and sea. Only 3 rooms, all share a big balcony which was our favorite part! Drawbacks are its quite a few steps to climb up the mountain to the accomodations, and you are near the train station. The train did not bother us, but if that's a concern to you, stay elsewhere. The contact info is in this trip report. Enjoy!

http://www.fodors.com/forums/threads...en_name=JennaJ

If it's a bargain you're looking for,you can't beat the prices at Mar-Mar. Here's a thread from Trip Advisor where people write in telling how they love their rooms:

http://www.tripadvisor.com/ShowUserR...ra.surink_html

Mar-Mar rents apartments in Riomaggiore -CHEAP! In '96 we rented an apartment from them named "Anna". It had two bedrooms one or two baths and a kitchen and was 60 bucks for 3 people. Their prices are still very low. I happened to love the quaint town of Riomaggiore.