“Auctioning” off an apartment for rent

[Daniel Low]

Any landlords on here ever put a property up for bid (for rent) as opposed to listing it as a set price?  I listed an apartment for $675 and got incredible interest/inquiries that I came to the conclusion that I listed too low.  I deleted my listing and am now contemplating relisting it at a set higher rent or doing an “auction”.  Has anyone ever done this?  If so, how did you go about doing it?  

[Nathan Gesner]

Quote from @Daniel Low:

I agree with @Greg Scott 

Someone could offer $825 a month with a 13-year lease and annual 5% increases, which sounds good, but then you would screen them and discover they are terrible applicants. I can almost guarantee that would happen.

My recommendation is that you study the market and know what your property is worth, then advertise it for that amount instead of just guessing. Look at rentals on multiple sites like zillow, apartments.com, zumper, realtor.com, craigslist, etc. Try to find rentals of the same size and quality with the same amenities. If you have time, do a little secret shopping and visit some of the competition to see how yours compares.

I recommend you check the market every 1-2 months just to keep an eye on things so you are prepared when yours comes available. You can also watch for trends to see if the market is slowing, growing, or stable.