5ft x 5ft sounds a little small for two bunnies. It’s spacious enough if that’s their “cage” size, but not really enough for both of them to exercise and do binkies/bunny 500s.

I don’t keep my bun in a bedroom but there are many here who do. It is possible to do so but you may have to clear their litter boxes more often since the room is also going to be where you sleep. If you are planning to let them roam the bedroom, bear in mind that bunnies love peeing on soft surfaces so the bed may become their new favourite spot to pee. Some people also get woken up by their bunnies rattling the cage/pen bars.

Since there may be others staying in the same apartment, I think it’s tricky to keep your buns in a common space like the living room since the potential roommate (or housemate?) may not like pets in the house/could be allergic to fur etc. It’s also not as easy to bunny proof a common area since others may not like what you will do to the living room.

5ft x 5ft is far too small for two rabbits. I believe the minimum is 18sq feet per bun but even with that, they need more space to actually exercise.

I have my bunnies in the room next to mine. I wouldn’t be able to sleep if they were in the same room. I’m a light sleeper tho so I suppose it depends how much noise you can block out.

5×5 sounds decent to me. I have a two level c&c cage is roughly 2x6ft so 24sq feet over the two levels and I have buns that are 5 pounds and 6.6 pounds. That being said they also have a large playpen that they have access to outside the cage, so I think 5×5 would work well providing they have daily time outside of it to run a dd stretch their legs etc

That depends where you live. Many places have ticks but some don’t. Fleas are much more common but easily treated with revolution. A bigger concern is predators (cats, dogs, fixes, hawks etc) and again depending on where you live, diseases.