Selecting between 2 applicants

[Jeff B.]

Received 2 applications for tenants today for one of my houses.  The first applicant seems to barely meet my requirements (primarily income requirements) and the second meets and exceeds the requirements by a significant amount.  I have a feeling the first applicant will end up being a one year and out tenant and the second has already stated they would likely be 3+ years. 

I would very much prefer to offer the lease to the 2nd applicant, but not sure how I would go about denying the 1st since they meet my minimum requirements (though it is by the slimmest of margins).    What options do I have when I run into this situation?