Stand lease being renewed (5)
I believe the answer is:
easel
'stand' is the definition.
(stand for an artist's canvas)
'lease being renewed' is the wordplay.
'being renewed' indicates an anagram.
'lease' with letters rearranged gives 'EASEL'.
(Other definitions for easel that I've seen before include "Lease (anag)" , "Artist's equipment" , "Three-legged supporting frame" , "Blackboard supporter" , "artistic aid" .)