We've had Tobie in the next room to us for a long time; she used to be in our room, but we moved her next door to what is putatively my office/library area so that she wasn't directly in line of sight/sound of the TV in our bedroom. The wall between the two rooms is not complete and so we can hear her without a baby monitor, although sometimes noise we make wakes her when she's not in a total sleep.
Well, she's outgrowing where she's sleeping, so we bought her a brand new crib (our first!) and assembled it upstairs in the second bedroom, down the hall from the bedroom above ours. Adding another piece of furniture to the triplets' room would be silly, and unlikely to get everyone to sleep well. The other bedroom is less crowded, and she's almost two...we thought it was a good choice.
Tobie was less impressed. She wanted no part of her new crib and cried until she was brought downstairs to her usual & expected sleeping place. She already understands real estate. When it comes to where your crib is, it's location, location, location.