Properties that provide disappointing rents for the owners (8)

I believe the answer is:

flatlets

I'm a little stuck... Click here to teach me more about this clue!

'properties' is the definition.
(small flats)

'provide disappointing rents for the owners' is the wordplay.
I cannot quite see how this works, but
'disappointing' could be 'flat' (flat can mean disappointing or underwhelming) and 'flat' is found within the answer.
'rents' could be 'lets' (I've seen this in another clue) and 'lets' is located in the answer.
This accounts for all the letters.
This explanation may well be incorrect...

'that' is the link.

Can you help me to learn more?

I've seen this clue in The Guardian.

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