1. Fallowfield
Fallowfield is the default answer for a reason. It is Manchester's most established student neighbourhood, dominated by Victorian terrace house shares along streets like Wilmslow Road, Dickenson Road, and Moseley Road. The vast majority of second and third year students from the University of Manchester and MMU end up here at some point.
Rooms in shared houses typically run from £450 to £715 per month. Buses to campus on Wilmslow Road are constant throughout the day and the journey takes around 12 to 15 minutes. The area has a good range of budget supermarkets, takeaways, and student-oriented pubs. Platt Fields Park is a decent outdoor space in the middle of it.
The downside is straightforward: it is a student area, and it feels like one. If that suits you, it is hard to beat on value and social atmosphere. If it does not, one of the areas below will serve you better.