I voted for the artificial tree. I grew up with live trees, and I do love the smell. But the needles, cost, maintenance, etc. have led me to an artificial tree. (The final straw was the year that I bought a live tree and couldn't get it into the stand properly and had to TIE it to furniture to make it stand as straight as possible!)

It sounds like space is at a minimal at your house (I can understand that with all the baby things), but for me, the lack of space for a month or so would outweigh the thought of all of the hassles and cost of a live tree. Of course, that is just my humble opinion!

Good luck with your decision!