I'd make it a chill zone/lounge/ quiet room for when you want or need peace, want to get out of your bedroom but not necessarily join everyone else in the living room. I'd throw a desk along with a couch with a chaise, a bookshelf or two. IDK if you've ever shared a house with several other people before, but you can never go wrong with a second "living room" or sitting room. You can make it a "private" common area that you and your roommates can take turns using.
