The bidding process can include the bidder submitting other criteria. This is all about me, my references etc., and also here’s what I’ll pay.
They will still get as many or more applications as the old system. Plus it can all be done online, if advertisers would use better/more photos, plus floor plans.
Devon runs a fancy website buys it’s ridiculously short of photos etc. After 40 years of renting some buildings you’d think they’d have been able to take some photos and dimensions of individual suites. Air BnB model.
I've seen landlords in new rentals in the Lower Mainland do this, they basically ask applicants to submit their information as usual but also ask to include the ballpark rent they'd be willing to pay, from a drop-down menu. But they use that information to make their own rental rate, rather than taking the willingness to pay at face value and offer different rates to different people.
I'd imagine it's a lot easier to get an idea of what people are willing to pay then set a definite rate, that then have desperate people claim they can overpay, only to back out when it's time to actually sign the contract. Or just avoid the problem of having tenants pay wildly different rates for similar units, even before rent increase limits kick in. It's also a feature of a very tight rental market; when it's cooler you have to tell tenants what they should expect to pay or else they'll keep shopping.