I am renting the same appartment for 3 years and my lease it up for renewal dec 1st 2007. The property management sent me a lease renewal offer beginning of Oct 2007 with an increase of $125 per month to be accepted or refused by Nov 10 2007. I have accepted to renew the lease. So I signed the offer and send it back together with a $125 check for the security deposit adjustment to the property management by Nov 4. On November 9th I received a letter from the property management together with the check I sent them informing me that due to a change of policy in the way leases are reviewed the renewal offer has been reevaluated and that the new increase will be now $300 per month! They are giving me up to Nov 30th to accept or decline the offer...

Do they have the right to do so? I do not have enough time now to look for another appartment. Can I contest this revised offer?