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Stephen White discusses the essential information landlords need to collect from tenant applicants for rental applications. He emphasizes the importance of using the correct application based on state regulations, noting that certain states, like New York, have specific rules—such as not allowing the collection of date of birth. He suggests using the California Realtors Association application in California and mentions that resources are available on RentPrep.com. Key information to collect includes the applicant's name, date of birth, social security number, and current address, highlighting the significance of ensuring compliance with state laws during the application process.