Rates replaced by rents (5)
I believe the answer is:
tears
'rents' is the definition.
(I know this)
'rates replaced' is the wordplay.
'replaced' indicates anagramming the letters.
'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" .)