rental we gave holding deposit failed an inspection after we were approved

Me and two other roommates found a rental we all liked. One of us toured the space beforehand. It came with a rent concession one month free, spread over a 12-month lease so the price went from $5,000 to $~4,500 a month. We submitted our applications and paid a $750 holding fee, which basically stated that they lock us in during the application process not letting anyone else apply and then if we were approved, we’d get the place.

We got approved, but on Friday they tried to back out of the one-month free, saying they undervalued the apartment or whatever. We held our ground and were able to keep the concession.

Then on Monday, the realtor called and said the apartment “failed inspection,” that the move-in date would be pushed back two weeks, and that they wouldn’t be moving forward with us. Instead, they’re putting it back on the market for an August 15th move-in at a higher rent.

Is there any course of action we can take at this point? We all liked the place and are getting real sick of searching for apartments.