Rent note ready (4)
I believe the answer is:
ripe
'ready' is the definition.
(similar in meaning)
'rent note' is the wordplay.
'rent' becomes 'rip' (rent can mean a tear in something).
'note' becomes 'e' (musical note).
'rip'+'e'='RIPE'
(Other definitions for ripe that I've seen before include "Ready for picking" , "Seasoned, fully grown" , "Strong-smelling" , "Mature for eating like fruit" , "At fruition" .)