Rents and rates modified (5)
I believe the answer is:
tears
'rents' is the definition.
(I know this)
'rates modified' is the wordplay.
'modified' is an anagram indicator.
'rates' anagrammed gives 'TEARS'.
'and' acts as a link.
(Other definitions for tears that I've seen before include "Lacerations (before bedtime?)" , "Globules of ocular moisture" , "Show of emotion" , "See 12" , "Lacrimal drops" .)