If you find someone who has extra points you agree on a price per point (say $13) then the member makes the reservation and you pay the member. The actual amount depends on the resort, time of year, room type, and number of nights. A studio at Beach Club Villas (where I just so happen to be sitting right now) would cost 134 points (I think for a week durning the summer. If you paid $13 per point that reservation would cost you $1,742. That’s a big savings if you compare it to what you would pay Disney for the same room. The down side is Disney is not involved so you have to trust the member enough to give him/her your money to make the arrangements for you. Most renting goes just fine and it’s a win/win for both parties but I’m sure that have been some issues over the years.
If you want to stay at the member’s home resort he/she can book the room 11 months out. If you want to stay at a non-home resort the member can book the room 7 months out.
I hope I answered your question. We never seem to have extra points so we have never rented ours out but we have rented points in the past and it was a very good deal for us.