actually, there is plenty of stuff out there for 300 or even less.
hilko, if you have not already done so, scope out the "pisos compartidos" (shared flats) section of segundamano.
you can find it online at
http://inmobiliaria.segundamano.es/subseccion.cfm?categoria_id=69&subcategoria_id=6300 or, pick up the print version, it is out every day of the week.
i looked online briefly and of the 1,200+ ads for madrid
, the VAST majority are under 300€/month.
many of them are pretty central too.
also, when you use that section of segundamano, you have MUCH better odds of living with spaniards instead of only foreigners (if that is what you are looking for).
saludos,
jer...
- rent or buy a cell phone from me for your stay in spain, more info at 
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