The minimum rent is the base rent that is payable for the leased premises. It is often based on a certain price per square foot basis which is usually calculated on an annual basis. So if a unit is 2,000 square feet and the minimum rent is $18/sq. ft, the minimum rent for the year will be $2,000 x 18 for an annual minimum rent of $36,000. The minimum rent can be negotiated to increase over certain periods of the term of the lease. This is usually a fraction of the total rent charged (see additional rent for more information).