"Rent levels are still looking pretty good," says Laurie Lustig-Bower, a CB Richard Ellis senior vice president and one of the LA-based firm's top apartment brokers. "However, people are being more conservative, saying rents will hold firm or increase just slightly.

"In the next five years, I don't think we are going to see the type of growth rate that we saw in the last five years," she adds. "I think you are going to see a more conservative investment [scenario] with more usual returns, maybe less than 10% a year."

Lustig-Bower was one of several top multifamily experts who spoke with GlobeSt.com during breaks at the recent "Apartments 2001" conference at the Century Plaza Hotel. More than 1000 real estate pros attended the daylong gathering, which was organized by Beverly Hills-based Real Estate Conference Group. The event's media co-sponsors included GlobeSt.com and two of its print sisters, Real Estate Southern California and the national Real Estate Forum.