If you prefer to stay in Reykjavik we can recommend the hostel KEX - an old biscuit factory that is by far the most chilled out hostel in the centre. Not only will you be around other travellers and the nice staff but also the locals of Reykjavik - the bar serves very good beer and the food is great. Check out their website for pictures and further details. 

10 mins walk from the studio you'll find Hotel Laxnes, named after the worldfamous author Halldor Laxness, who actually lived in this area. It's located right in the centre of the little village Mosfellsbær and hosts a bar and a grill kitchen. If you want to stay within walking distance to the studio and fully enjoy the landscape, this is the place for you.