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A rental application is a form used by landlords to assess potential tenants, collecting personal information and granting consent for background and credit checks. This video discusses the importance of rental applications, the necessary contents, applicable fees, and potential red flags for tenants. Additionally, it emphasizes that rental applications not only help landlords gather essential data for screenings but also filter out less serious applicants and provide assurance of an applicant's ability to consistently pay rent. Viewers are encouraged to download a rental application template and subscribe for more content from e-forms, a legal document database.