Storage is tight, but manageable. I brought my 5 kids down last December for 2 weeks, and with a little prep at the beginning of our trip, we were all very comfortable. This is what we did. I unpacked right away, and stored as many of the large suitcases on the top of the closet. Since we had suitcases that fit inside each other, we were able to get all of them up there and out of the way. We unpacked the carry-ons, and stored them under the beds in the bedroom. There is a lot of room under there (make sure you check there carefully before you leave!) I assigned each older child one of the 4 drawers in the bedroom for pajamas, socks, etc. They hung the rest of their clothes up (try to not overpack!) In the living room, I used one of the two cupboards there for my clothes storage, and the other for miscelleaneous 'stuff.' They are quite roomy. I gave my youngest son the area under the t.v. We didn't feel squished at all. I think you'll have a wonderful time!
P.S. Since December was chilly, we all had coats, and I found that by hanging them on the bunk bed posts, this really kept them out of the way.