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A rental application is a tool landlords use to screen potential tenants for rental units, gathering detailed personal information and granting consent for background checks and consumer reports. This video outlines the importance of rental applications for landlords, what to include in them, associated fees, and potential red flags for tenants. It emphasizes that rental applications help in collecting critical data for credit and background checks, filtering out less serious applicants, and ensuring that applicants can consistently afford the rent. Viewers are encouraged to download a rental application template and subscribe for more content from e-forms, a comprehensive legal document database.