I have been advertising and I already have a couple people lined up that are interested in the property. It is not available for another 6 weeks. These people have gone through my screening process and qualify as far as I know. That is I have not checked there story yet. This is advertising at $425 more than what it is currently priced at.
If you lose your current tenant you lose the time it stands empty. If you are considering raising the rent the increase should be more than that months rent divided by 12. So we will be earning more money next year regardless.
I am thankful for this situation. I also think that if your city is such people should evaluate and do the same if they will be able to make more. That is make more, above and beyond what you lose for standing empty one month. Who knows how long this market will hold? In the future Landlords in my situation may be faced with a different market where tenants, once again, have the upper hand.
On that note, if I didn't screen, i.e. high credit score high income, I would have it rented 20 times over with very little advertising.