i live in a two bed terrace (rather large one compared to some though) with my dh and ds.
my ds has a metal framed bed so we can keep storage tubs of toys under his bed,(as well as everywhere else in the room), each tub is sorted into different items, ie cars, toy food etc and he can pull them out as and when, i find there is most space for storing things than in a divan.
i also have a metal framed bed and all the bedding and curtains etc is stored in clearish under bed boxes. keeps them clean and tidy and easy to find the bedding i need.
the hoover, coats and everyday shoes etc are kept under the stairs