Enjoys life on rented eyot (5)
I believe the answer is:
islet
'eyot' is the definition.
(I've seen this in another clue)
'enjoys life on rented' is the wordplay.
'enjoys life on' becomes 'is' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'rented' becomes 'let' (I've seen this in another clue).
'is'+'let'='ISLET'
Can you help me to learn more?
(Other definitions for islet that I've seen before include "Tiles (anag.)" , "small key?" , "Very small area surrounded by water" , "Minor key" , "Little bit of land" .)