Avalon’s current rent? (3)

I believe the answer is:

rip

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'rent?' is the definition.
(rent can mean a tear in something)

I don't understand how the remainder of the clue works.

(Other definitions for rip that I've seen before include "Tear roughly; turbulent water" , "Severely criticise" , "Slash" , "Parting words" , "cad" .)

I've seen this clue in the Sydney Morning Herald.

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