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A rental application is a form used by landlords to screen potential tenants by collecting personal information and consenting to background checks. This video discusses the importance of rental applications for landlords, including what to include, the application fees, and potential red flags for tenants. It emphasizes that rental applications not only gather essential information for credit checks but also help filter less serious applicants, ensuring that the chosen tenant can consistently afford the rent. Additionally, a rental application template is available through a provided link, and viewers are encouraged to subscribe for more legal document resources from e-forms.