Allow co-signer to compete with another tenant application?

[Robert C.]

We were surprised to find out after having tenants in our house for two years that the rental market is booming in Richmond, VA. We had over 50 inquiries when listing the house for rent. The current tenants showed the house to two groups one morning who both submitted rental applications. They both meet our criteria for renting but we haven't run credit yet.

Both have verified income. Both make 6x the rental rate and both have excellent references. We have never been in a situation where we have had to choose. Home is a 2 bedroom 1950s single family home with a fenced yard and hardwood floors. Pets allowed with deposit.

Tenant A

Couple with dog, moving to town for a job. Shorter job history only because they graduated college in the past few years. One admits to mediocre credit but offered to have a co-signer.

Tenant B

Viewed the house first (just because that's when the current tenants scheduled him) and was the first to submit a completed application. Man and son, moved to town for a job, no pets. Steady job history.

Do we allow Tenant A with "mediocre credit" to have a co-signer apply and then compare their credit to that of Tenant B to be fair? Or do we just run the credit of Tenant B since they submitted the application first and viewed the home (20 minutes) before Tenant A? Do we have to run credit of both parties of Tenant A in order to legally "disqualify them"?

[Steve Babiak]

Sounds like tenant B was actually first to apply, so unless you are using the "beauty pageant" approach (taking the one that looks best) then you should process tenant B and see if they pass or not. 

BTW - Lots of inquiries like that could be a reflection that your asking rent us underpriced ...