I've seen a lot of questions on here about renting points. More people will probably start to look into this as a way to get access to this Deluxe benefit.
Here is our experience with renting (so far).
We were set to go in April of 2020, but obviously that didn't happen. It's 3 families. We all wanted to stay at Contemporary, due to the location. 2 families booked through Disney and got the cheapest rooms in the garden wing. I rented points through DVC Rental Store and got a standard view 1 BR Villa at BLT for $800 more, in total (6 nights). I felt that was worth it for a separate bedroom, kitchen and extra bathroom. When Covid happened, everyone scrambled, but in the end DVC Rental Store gave everyone, who had a room booked while the entire resort was closed, credits to use over 18 months. The whole renting process was very easy. 40% up front and 60% (I believe) around 45 days out. Also, in the end, they did the right thing with the credits for Covid.
When we finally rescheduled the trip, for this Thanksgiving, we decided to see if we could get a 3 BR Villa at BLT so we could all stay together. We were able to lock 6 nights in for a total of $40 more (total, not per night) than 3 standard view (garden wing) rooms at the Contemporary for 6 nights each. It fit the budget we were already going to use, but we completely upgraded the room. 3 full bedrooms, 4 bathrooms, a full kitchen, a common room and floor to ceiling (2 levels) windows.
So, yes, you can get substantial savings. All the posts about Deluxe rooms for moderate (or even value if you can get lucky enough) prices, are accurate.
The downside is the cancelation policy. Yes, you can buy insurance, but the closer you get, the less you get back.
Also, to get the popular resorts, popular times and popular room types, you need to be ready to book at the 11 month window.
For us, the no cancelation policy was outweighed by what we were able to get. Baring some catastrophic event, we are going. We did purchase the point rental with credit cards that offer travel insurance in extreme situations. And it would take an extreme situation for us not to go.
We used a rental company. You can get better deals dealing with owners directly. Assuming this rental goes OK, I would look to find an owner next time, if it's just my family of 4 and I didn't have to worry about 2 other families.
Obviously in this example I'm using going from Deluxe to higher end Deluxe, but it absolutely works for going from Value / Moderate to some of the DVC studio rooms too.