Increasing renter pool by reducing rent?

[Naveen Desai]

Hello, 

      Have a property to rent out and in about 3 weeks, I have received about 20 enquiries and I have rejected all of them till now, mainly because of their income to rent ratio of 3:1 hasnt worked out or the credit score is not right ( even after benefit of doubt) etc. 

I am wondering if reducing monthly rent by $50, would increase the renter pool for me to choose a better tenant?  Has any of you experienced this situation and used this tactic? Appreciate your comments. 

Thanks, 

Naveen.