I’ve just had one of our nicest homes come available. It rents for $700/month. I’ve already had one applicant put down $700 and say she’ll take the home immediately upon our approval of her application tomorrow. However just now one of my existing residents in a less-desirable home ($600/month) has said she’d like to upgrade into the better home.
Either way, I’ll clearly have the better home rented by this weekend. My bias is to give the better home to my existing resident (she pays well and is a quality tenant). But if I allow her to upgrade, I know I’ll have at least an extra month of vacancy in her old home. Still, I think I should absorb the extra month of vacancy and allow my existing resident to upgrade - it just feels like the right thing to to do, even though my short-term cash flow will take a bit of a hit.
How do you handle similar situations? What preference do you show to existing residents?