To rename a file or folder, navigate to the Files feature within a Project:
Here you can see every file and folder available to you as per Admin permissions settings. Click on the settings button beside any file or folder you wish to rename:
Click on "Rename":
Clicking this will open a small window prompting you to rename the file or folder:
When finished click "Save".
This change will also be reflected in the authorizing Admin's Google Drive™.