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A rental application is a form used by landlords to evaluate potential tenants, gathering detailed personal information and granting consent for background checks and consumer reports. This video tutorial discusses the importance of rental applications, what to include in them, associated fees, and red flags for prospective tenants. It highlights that rental applications not only collect essential information for credit and background evaluations but also help filter out less serious applicants and ensure that potential tenants can consistently afford the rent. Viewers are encouraged to download a rental application template and subscribe for more informative content.