The main purpose of a rental application is to assess a prospective tenant on the basis of personal information, employment, income, references, residence history and more. There is no standardized rental application available for property owners but there are ways with which the same can be prepared as per the Federal guidelines.

Lease agreements play a pivotal role in the process of renting a property as they determine the terms and length of the lease. The agreement is designed in a way that it lays out specific commitments on part of the property owner and tenant.

It is important to understand basic terminology of residential rentals before moving forward with leasing process. Residential rental properties consist of single family homes, apartments, townhouses, duplexes, condominium units etc.