Due to a recent layoff, I have asked my apartment mgr. to move from a 2 bedroom to a 1 bedroom to save costs. They will allow an upgrade but not a down grade. I was also advised that even though I am in my second 12 month lease that I would be charged a buy back on my lease to terminate early. I was advised that they would charge a min of 3 months rent to terminate even though they have a standing waiting list for the apartment complex. You must leave on the 28th and the apartment would be available by the 5th of the following month for the next month. Do I have any options? They will not let me go down or move out without a buy out for either option

... I was also advised that even though I am in my second 12 month lease that I would be charged a buy back on my lease to terminate early. I was advised that they would charge a min of 3 months rent to terminate even though they have a standing waiting list for the apartment complex. You must leave on the 28th and the apartment would be available by the 5th of the following month for the next month. ...

Are these terms in your lease?

If so, you are probably bound by them. If not, consider finding another place.