A rental application is a document that requires details about the potential tenant`s current financial status (including income and creditworthiness), past tenancy agreements, and criminal history. The information is then analyzed to determine whether or not it is a valid candidate. (Typically, a fee is required for the tenant to offset the cost of processing the information.) A standard rental agreement also includes each party`s rental rights and obligations, rent details (amount due, payment frequency, late fees, etc.) and other payment information such as deposit details.