There is I believe, There are also guest houses (shared accomidation) In my case though I'm renting a tiny apartment through Sakura house, so I don't have to share and can use it as a home base and to store toys maybe.
The rent is ok, no more than here and it's 15 minutes from one of the hearts of town (Tokyo has many).
It is quite exspensive, although he we live in Sydney so were already halfway there. If you go where the locals go, it can be not too bad though, last time I paid less eating out than I would here,transport was cheaper too, if anything toys are the most exspensive part. Ofcourse it varies too, and lots of places charge hideous prices for simple services. Don't go to any restaraunt that the hotel reccomends, they always send you to exspensive fancy places that cost a fortune.