Rates replaced by rents (5)
I believe the answer is:
tears
'rents' is the definition.
('tear' can be a synonym of 'rent')
'rates replaced' is the wordplay.
'replaced' is an anagram indicator.
'rates' anagrammed gives 'TEARS'.
'by' is the link.
(Other definitions for tears that I've seen before include "See 12" , "drops and > drop special > rushes" , "Rips; drops" , "exuding drops" , "Rips with signs of sorrow" .)