Rank rodent close to hole (4)
I believe the answer is:
rate
'rank' is the definition.
('rate' can be a synonym of 'rank')
'rodent close to hole' is the wordplay.
'rodent' becomes 'rat' (rat is a kind of rodent).
'close to' indicates one should take the final letters (the close/ending of).
The last letter of 'hole' is 'e'.
'rat'+'e'='RATE'
(Other definitions for rate that I've seen before include "Capital of the Philippines" , "Measure as of value or speed" , "standard levy" , "Appreciate" , "Assess or grade" .)