Higher Rent vs Longer Lease

[Trevor Martin]

I'm renting a single family home. I've had quite a bit of interest at $1150/mo and think it would be relatively easy to fill.

I just showed it to a prospective tenant that pulled up in a $75,000 Mercedes and said he was working on his PHD at the local University. He would be willing to sign a two-year lease at $1000/mo.

Obviously this is (hopefully) an ideal tenant. Being said, how much should I sacrifice for a good tenant and longer lease? While it will save me money in turnover/vacancy costs, $150/mo seems a little much.

Any advice?