We recently looked at a two bedroom and are crossing our fingers we could make it work, but the thing that is tough about it is that the second "bedroom" is actually part of the living room with a custom built wall creating the bedroom. Although the space is actually still pretty great for a fake bedroom/nursery, there are no closets. The current tenant uses two garment racks and two dressers and has plenty of room for his clothes. Gotta love the single guy clothing situation :)
Garment racks are great (and seem to be staples in many an NYC apt) because of their portability (fashion week anyone??) but they are tough because they tend to look messy unless you are very organized. I've learned that closets and book cases that have doors make it much easier to hide away messes, yet I have never implemented them into my decor.
Garment rack: portable and sleek, yet so boring
However, I just came across this AMAZING garment rack/open closet that makes use the extra space beneath to keep everything organized:
* Just kidding, I would never use the closet for changing DIAPERS... I can only imagine the smell. I will just use the cat's litter box as a baby toilet and we'll be all set.