We transferred Rowan over to her room when she was about 6 months old and honestly, it's been the best for all of us. She sleeps better in her own room than she did in the pack 'n play in our room.
We did the transfer it two stages. First, we moved the pack 'n play into her room (which was not entirely unfamiliar to her, as we always changed her there previously) and she slept in that for two or three weeks, then we got the crib and set it up once she was fully used to sleeping in her own room. At first she was none too pleased with the crib, but then we figured out that the matress was significantly harder than the one in the pack 'n play, so we added a mattress pad beneath the sheet and that worked wonders.
We have a monitor set up, but we only use it for when she's in her room and we're in another part of the house. With each of our bedroom doors open a crack, we can hear her if she wakes up or anything like that.