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?