Illinois Tenant Selection - rental bidding?

[Amal Agarwal]

I put our condo for rent in Chicago and three very similar tenants, (same age, race, sex etc) all saw and submitted the application at the same time. Background checks and credit scores all checked out so I have nothing more to differentiate the tenants. Incomes level is very similar as well.

I have had great conversations with all of them and would be happy for any of them to occupy the building. My only other thought is to draw a name out of a hat or to ask them to submit a bid for the rental price. Is bidding for a rental legal in the state of Illinois? Since timing of application, credit score, and background check are similar I am looking for honest and legal solutions. Thanks!

[Nathan Gesner]

I don't believe you have three equal tenants. First, I find it interesting that you say they are "similar tenants" and then you list personal characteristics that have nothing to do with their qualifications as a renter.

Something differentiates them and makes one better than the other two. You just haven't dug deep enough. Things to consider:

1. Who makes the most money?

2. Who's been employed at the same job/career the longest?

3. Is their job a safe job or one with high turnover (e.g. waitress vs mortgage lender)

4. Have any of them live in the same rental for a long period of time?

5. How much rent were they paying at their last rental? The same amount or a lesser amount?

6. Credit scores?

7. Even if the scores are all the same, who's carrying a higher balance? If two of them have five accounts open with no balances and the third one has five accounts and one of them is a $55,000 pickup, that shows they have less available income.

It took me about three minutes to type up this short list and there are more I could add. The bottom line: it is highly, highly unusual to have two or more applicants with equal applications at the same time. I have over 300 rentals and 10 years experience and can't think of it ever happening.