This six-room ryokan, running for over 200 years, occupies a wonderfully rambling old building roughly halfway between Gekū and Naikū. There's a nice common bath, and four rooms have en-suite bathrooms. Book through Japanese Guest Houses (www.japaneseguesthouses.com).
Take bus 1 or 2 from stop 7 outside Ise-shi Station (towards Urata-chō) and get off at Nakano-chō, in front of the inn (about 10 minutes); you can get buses to both shrines from the same stop. A taxi from the station should cost about ¥1000. If you're not eating at the inn, get dinner before you arrive as there are no restaurants nearby.