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A rental application is a form used by landlords to evaluate potential tenants, gathering detailed personal information and allowing for background checks and consumer reports. This video discusses the importance of rental applications for landlords, what to include in them, associated fees, and red flags for tenants. Landlords benefit from rental applications as they help collect essential information for credit checks, filter out less serious applicants, and ensure that potential tenants can afford the rent. Viewers are encouraged to download a rental application template and subscribe for more legal document resources from e-forms.