Hi Shonibare!
The room tag is a Family type, so you'd have to change it whitin the Family itself. Select the room tag and click on Edit Family from the toolbar at the top under Modify. Now the Family Editor opened and you can change the font size, color and type by selecting a piece of text and clicking on Edit Type under Properties.
When your done hit the Load into Project button from the toolbar at the top again and the changes you made to family should appear in the project.
Good luck!
Arie