Short Answer: depending on what you mean by "the basics", should be plenty.
Longer Answer:
It really comes down to how well you can organize the trailer and how much "stuff" you want to bring. If you can get stuff up off the floor and onto the walls (with shelving or e-track or something similar), it makes the space seem a lot bigger. Some people in here have done a lot with limited space. 5x8 can be more than enough for one bike, a tent, riding gear, a few extras. Also a couple things to think about, do you intend on camping in it? If so, will you need power to the trailer? Where will you store it when not using it?
It is worth it to see other people's opinions who have pulled trailers with smaller vehicles to see what they are like towing. 5x8 should tow pretty easily behind a wrangler, possibly even 6x12, but the bigger you go, the more likely you can encounter trouble.
I'm sure some of these are probably things you've already thought about but just putting thoughts on paper.