Conflict with Property Manager

[Steve Vu]

Hey guys,

I have a quick question regarding an issue I have with one of my properties in Texas. My property currently rents for 1050/month and the lease is due for renewal on August 1st 2016.

I contacted the property manager in June 2016 regarding a rent increase, and they told me that rent would increase to 1075/month if the tenants decide to renew for a whole year. Otherwise, they would go month to month at a rate of 1275/month.

I contacted 5 other local companies and they all quoted the rent  for my property at 1300-1500/month, so I specifically told the current managers NOT to renew the tenants for a year unless it was at 1275/month on June 30th.

I just followed up yesterday, and they told me they just renewed the current tenants on July 7th for a year at 1075/month.

I absolutely do not agree with this. Do you know if I have any options besides sucking it up, keeping the current lease at 1075/month and firing the PM?
Thanks!