Bidding for rent?

[Ryan C]

Are there any legal issues with creating an auction to determine rent price? It seems like a reasonable way to get the maximum rent for a property.

[William Robison]

That is an interesting idea. However, in the long run, I would much rather set a reasonable market rent and have renters "bid" to get the spot. Having the choice of several potential tenants increases the chances of a better tenant in the long run, which will typically create a better reward than an extra $25 a month. You may find a tenant that will stay 3-5 years and not trash the place over a tenant that will stay 12 months and cause damage, or worse yet, need to be evicted.