having multiple prospects submit applications

[Nathan Williams]

Our rental listing in Indianapolis is getting a good amount of interest.  So far we have 2 people apply within a day of the property being listed and both seem to be viable candidates so far but we kinda want to see if we can get an even stronger tenant in the few days.

So I was curious what is the best practice for allowing multiple people apply to rent out a single property.  Should you inform anyone about to apply that you already have prospects in line and you will be selecting the strongest one?  How long should you keep someone who already applied on the hook before giving them a decision?

thanks