How to make 2 bedrooms work?

This may seem silly, but I'm wondering if any of you ladies are raising 2 kids in a 2 bedroom apartment? I am in my final grad school push, and in order to get my kids in the best school district in the state, we need to get an apartment. My son is 5 and I'm due with my daughter in May. How did you personalize the space? Do they share a bedroom, or is the baby in your room? It's in the best neighborhood in the state, and by moving there, I'll be able to be home during the week, instead of at my parents which is closer to the school. I'd love pictures of your 2 bedrooms and what you've done to make it home. I should add that we're moving from a 4 bedroom, 3 bath home with a big back yard. Thanks guys!