Adam Fabian ignored a key fact in his article regarding Meridian's unwillingness to reduce the rents of leases signed in December to January's new, lower rate. The Meridian residents did get something in return for their higher rent: peace of mind and convenience.

The only reason that the residents signed leases in December at the then current rent was because they either assumed that rates would not decrease and apartments may not be available in January or they were too lazy to shop around.

For the first group, would you go into the management office in January and demand a rent increase in January had vacancies dwindled and rents escalated? And what if you decided to wait, returned to school for the spring semester and discovered no vacancies? Next year you would have the catch the bus at your godforsaken apartment complex behind Wal-Mart for a miserable ride to class. For the second group, get off the recliner and shop around. Kids, Meridian Apartments owes you nothing.

I have news for you -- this not only exists in the real world, but it is common. I have friends with $200,000 mortgages on condos in Chicago that are now selling for less than they paid one year ago. They have no recourse. Take my advice and let this be a lesson that you need to shop around because market conditions change.