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Not sure how renting like that would work as you need an account to log on to the device and games are tied to the account. There is a lot of free stuff you can play tbf. Lots of gaming lounges have them to rent as well now and you land up moving around in a very large space which makes the experience far more emersive
Yeh it was 300 to a month or so ago and they then put the price up which was bizarre for aging tech. It has always been claimed that they lost money on every unit in the hope to build the user base and they have now reached a point that they can afford to sell fewer units as they have sufficient critical mass.