Situation - Lease Ending

[Joe Conklin]

I have a lease ending at the end of March on my rental property.  My tenants that are on the lease currently were a couple who were approved on their joint income.  Now they are broken up and the guy wants to keep the lease.  The issue is that based on income the guy is most likely not going to qualify so he will need a co-signer.  There will also be a rent increase and a new lease made.

Also, I have already sent the official termination letter for the current lease. 

Current tenant - I would rate a 6.5/10.  Has always paid but needs reminders sometimes, also not the most stable of income.

1. Do I have both (guy and co-signer) apply again?

2. When should I start showing the unit for a mid April move in?  I feel like I should give the current tenants a head start.  If he can get a co-signer I would like him to continue.

My current thoughts and timeline are: 

- Let the current tenant know that they will be a rent increase and he needs to reapply.  I need to do this ASAP.  If he can't meet the income requirement he will need a co-signer as well.  They need to pay the fees to apply.

- I will give them a 2 week head start as a gesture of good faith to them.  

How does this sound? Any other advice would be great