Railay Hotels primarly caters to two groups: honeymooners/families and rock climbing backpackers. Fortunately, there is accommodation to suit both ranging from bamboo bungalows to concrete three story hotels. Prices typically double during high season (November-April). There are very high demand during X'mas and New Year festivals. Please try to avoid such a peak price period.
Most Railay's cheap accommodation is found on Tonsai bay. For the best variety of budget accommodation (wooden bungalows) try neighbouring Ton Sai Beach - 15 minute walk or a few minute long-tail ride - where rooms can be had for 700-2000 Baht a night.
Railay West seems to be the most popular area with several beach front hotels/bungalow operators located. While the prices vary widely, subject to room type, they're all priced a cut above your average budget operation.
Railay East has no beach front hotels/bungalows; accommodation is either set back from the water or up on the hills. Many of the hotels offer fine views of the bay and surrounding mountains.
You may find your lovely hotels by sorting 'Hotel Name' or 'Rating' or 'Price' as below: