Journalist's piece covering cheap accommodation (6)
I believe the answer is:
bedsit
'cheap accommodation' is the definition.
(type of residence)
'journalist's piece covering' is the wordplay.
'journalist's' becomes 'ed's' (short for editor).
'piece' becomes 'bit' (bit is a kind of piece).
'covering' means one lot of letters goes inside another.
'eds' put inside 'bit' is 'BEDSIT'.
(Other definitions for bedsit that I've seen before include "Simple accommodation" , "One-room accommodation" , "Minimal accommodation" , "Small living space" , "One-room flat" .)