Can I set up rentals by minutes?

Yes, you can set this up. Create a Rental resource using the By the minute template.

In the rules, You can also edit an existing resource. Open the calendar and click Add step, or edit an existing step. Select Custom time, specify your own date and time and set it to Repeat indefinitely. Then choose Custom settings.

Then, set the recurrence by specifying the hours and minutes.

The calendar settings will appear as follows:

Here is a demo with 15-minute intervals: