Council finally reduces rents (6)
I believe the answer is:
leases
'rents' is the definition.
(I've seen this in another clue)
'council finally reduces' is the wordplay.
'finally' indicates one should take the final letters.
'reduces' becomes 'eases' (I've seen this in another clue).
The final letter of 'council' is 'l'.
'l'+'eases'='LEASES'
(Other definitions for leases that I've seen before include "Enters into contract to use, say, land" , "Rents out" .)