Place to stay for little pay (7)

I believe the answer is:

pension

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'pay' is the definition.
The definition and answer can be both related to property as well as being singular nouns.
Perhaps they are linked in a way I don't understand?

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for pension that I've seen before include "Retirement pay in a Continental boarding-house" , "Payment to traitor" , "Bed and breakfast or small hotel in France" , "Retired person's income" , "Retired person's allowance" .)

I've seen this clue in the Evening Standard.

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