visa inc .
notes to consolidated financial statements 2014 ( continued ) september 30 , 2013 market condition is based on the company 2019s total shareholder return ranked against that of other companies that are included in the standard & poor 2019s 500 index .
the fair value of the performance- based shares , incorporating the market condition , is estimated on the grant date using a monte carlo simulation model .
the grant-date fair value of performance-based shares in fiscal 2013 , 2012 and 2011 was $ 164.14 , $ 97.84 and $ 85.05 per share , respectively .
earned performance shares granted in fiscal 2013 and 2012 vest approximately three years from the initial grant date .
earned performance shares granted in fiscal 2011 vest in two equal installments approximately two and three years from their respective grant dates .
all performance awards are subject to earlier vesting in full under certain conditions .
compensation cost for performance-based shares is initially estimated based on target performance .
it is recorded net of estimated forfeitures and adjusted as appropriate throughout the performance period .
at september 30 , 2013 , there was $ 15 million of total unrecognized compensation cost related to unvested performance-based shares , which is expected to be recognized over a weighted-average period of approximately 1.0 years .
note 17 2014commitments and contingencies commitments .
the company leases certain premises and equipment throughout the world with varying expiration dates .
the company incurred total rent expense of $ 94 million , $ 89 million and $ 76 million in fiscal 2013 , 2012 and 2011 , respectively .
future minimum payments on leases , and marketing and sponsorship agreements per fiscal year , at september 30 , 2013 , are as follows: .

( in millions )
2014
2015
2016
2017
2018
thereafter
total
operating leases
$ 100
$ 77
$ 43
$ 35
$ 20
$ 82
$ 357
marketing and sponsorships
116
117
61
54
54
178
580
total
$ 216
$ 194
$ 104
$ 89
$ 74
$ 260
$ 937

select sponsorship agreements require the company to spend certain minimum amounts for advertising and marketing promotion over the life of the contract .
for commitments where the individual years of spend are not specified in the contract , the company has estimated the timing of when these amounts will be spent .
in addition to the fixed payments stated above , select sponsorship agreements require the company to undertake marketing , promotional or other activities up to stated monetary values to support events which the company is sponsoring .
the stated monetary value of these activities typically represents the value in the marketplace , which may be significantly in excess of the actual costs incurred by the company .
client incentives .
the company has agreements with financial institution clients and other business partners for various programs designed to build payments volume , increase visa-branded card and product acceptance and win merchant routing transactions .
these agreements , with original terms ranging from one to thirteen years , can provide card issuance and/or conversion support , volume/growth targets and marketing and program support based on specific performance requirements .
these agreements are designed to encourage client business and to increase overall visa-branded payment and transaction volume , thereby reducing per-unit transaction processing costs and increasing brand awareness for all visa clients .
payments made that qualify for capitalization , and obligations incurred under these programs are reflected on the consolidated balance sheet .
client incentives are recognized primarily as a reduction .

Question: what will be the percentage increase in rent expense from 2013 to 2014?
Answer: 6.4%

Question: what is the percent increase in rent expense from 2012 to 2013?
Answer: 5.6%