Not the first time I come to Baku, sometimes as a tourist, sometimes as a person on an assignment...From my personal abundant experience I found out that most of the hotels in Baku are either very expensive (as IRS Plaza, Hyatt, Europa, Park Inn etc) or very cheap and uncomfortable ( as Canub, Araz, Absheron).
By the way, even in those cheap hotels the price for a good room is nearly 70 manat per night per person (if you are traveling with somebody it hits in your pocket ). Of course, they have several rooms, which price is cheaper, but everytime I tried to reserve any cheap room I am always told that they are already reserved and I am offered to reserve the expensive one. I think it is the special maneuver to force travelers reserve expensive rooms. Truly speaking, once I was lucky to find cheap room in Canub hotel by 45 manat, but when I was shown that room i was shocked - it was so dirty, with only one bed and table and nothing else and moreover I could not bear that musty smell from the toilet.
So, i decided to find any real estate agency, which has cheap prices and good apartments. I tried different agencies, saw big amount of apartments, but the story was the same. Good apartments were very expensive, cheap were in terrible condition. By the way, when I was in Baku as a person on an assignment, I needed special cheque for my company's account department to take my money back, which I spent for renting apartment, but no one agency could provide me with it. After long searching I contacted BakuRealEstate.net Agency. They offered me very lovely one room apartment by 30$ per night (the price does not depend on number of persons) just in the centre of Baku, in 3 minutes walking to Fountain Square. Also, they gave me the cheque for this service and when I came back to Moscow I took my money back from the account department of my company.