Is it legal to have Renters bid for a property?

[Melissa Faraias]

Hello BP community,  

I just listed my first property for rent and the response has been overwhelming. When trying to determine a fair rental amount, I consulted with a property manager and she asked me to lower the rent amount since it's the end of year and there were several rentals on the market for over 60 days in the area.  However today I got a call from an investor who does rentals in the area and he told me that my rental was priced too low. He advised me to take my top few potential candidates and have them bid against each other and then choose one who is willing to pay the most. Is this legal for a rental property? Is there any other way that I can get a better rental amount? Any advice would be appreciated. Thanks in advance. 

[Greg M.]

Unless there is rent control in that area, I'd just move forward at $1650.

Going to $1800 nets you $150/month or $1800 for the year. If this "bidding" sets the process back two weeks, you've just lost $900 of that.