Rent Price Set by Tenants Bidding

[Thomas Garza]

I'm curious what everyone thinks about allowing prospective tenants to "bid" on a property's rent. Logistically, I'm thinking that I could show my house for 1-2 weeks after it becomes vacant, and I would tell everyone interested to submit a free application with their best offer. I could then evaluate the applications and try to find the best tenant (most stability, high salary, no criminal activity,...) with the highest bid, and then rent it to them. If none of the applicants meet my minimum rent amount, I could just repeat the process. 

What are your thoughts? 

[Jeff Willis]

Let's play advocate for a moment. 

Assume you have a 4plex and three rent for $1500/mo. You are taking bids on the 4th. All you can get is $1400. The other three find out you rented it for $1400 and want their rent lowered. Would you do it?

You go to the gas station and instead of listing the price, they ask you to bid for the gas, would you? How about for airline tickets? How about for food?

As @Michael Craig said. Set it at the market and move on - not a good idea.