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A rental application is a crucial form for landlords to screen potential tenants, gathering detailed personal information and allowing for background checks and consumer reports. This video explores the importance of rental applications for landlords, what details to include, associated fees, and potential red flags for tenants. It emphasizes that rental applications not only collect necessary information for credit and background verification but also help filter out less serious applicants, ensuring that those who apply can consistently afford the rent. Viewers are encouraged to download a rental application template and subscribe for more informative content.