Alarm mechanism in premises I rented (5)
I believe the answer is:
siren
'alarm mechanism' is the definition.
(siren is a type of alarm)
'in premises i rented' is the wordplay.
'in' indicates a hidden word.
'SIREN' can be found hidden inside 'premises i rented'.
(Other definitions for siren that I've seen before include "Seductive woman" , "Alarm - fascinating woman" , "Device making a loud wailing sound" , "Loud warning device" , "Warning device, alluring woman" .)