Over rent offer (1 yr) or multi-year (at ask)?

[Melissa Aughavin]

I need some help! I have a LTR that i received two very strong, equal applications. One is for three years at my rental asking price. The other is for only one year and they escalated over my asking price. I’m think of limiting my vacancies and unknowns with the longer term option, but curious everyone’s take here.

[Joshua Janus]

I wouldn't want to lock up a rental rate for more than a year and especially in this market climate. In my market of Columbus alone, rent rates have rose over 10 percent over the last year and missing out on that necessary spike with the increased price in property value would be unfavorable.