Global finance: how does rent bidding work?

Australian tenants are being urged to not be drawn into rent bidding, even if they can afford it. The practice sees rental properties placed onto an online marketplace, where tenants go head to head to bid for the property. But how does the "rent bidding" work? What impact does it cost in the US? Is it a bad idea to imply it in Australia? In an interview with Ivan Leung, the financial planner from CoWealthe Partner is going to explain it in details.