The apartment rental market still has a lot of life left in it. Average residential rents will rise between 3% and 6% this year as occupancy rates go up, too. The USC Lusk Center for Real Estatecolor> says rents are being driven up by young professionals and immigrants who are streaming into the area. In L.A. County, the average rental rate for a two-bedroom apartment will increase by 4% to $1500 in 2005.
