Acoustic Drop Ceiling vs. Drywall Ceiling

[Nathan Faucett]

Hi all - I am currently in the process of renovating my basement to convert it into rental property (most likely a short term or vacation rental, although I wouldn't be opposed to a long term rental if I could find good tenants).

Among other things, the ceiling needs to be replaced. Currently existing is an acoustic drop ceiling that has been painted black, grid and all. It looks terrible and it needs to go.

I have done some research and it seems like there are some arguments for both sides. So... based on your experience, which one is better from a cost, appearance, practicality, and DIY standpoint? 

AND if you prefer acoustic drop ceiling, do you have any cost effective material recommendation that would make the room look nice?

Thanks in advance!