Renting an UW camera in Coz is a $40 to $50 a day adventure.....as I found out after drowning mine. One might consider other options.
That sounds about right. If it's a one time thing, it might be worth it, but it wouldn't take a whole lot of daily rentals to be as expensive as a camera would cost.
I shot some decent pics with my original 1 mp, better with my 3 mp, and now better with my 5. I need to move on up but - well, still enjoying my Sealife DC500 - 5 mp. You see those offered for around $200 frequently, here on SB and on ebay. Much better owning and keeping for the same money,
if the camera is in good shape, the housing and o-ring good and the operator is careful, the operator downloads the manual and actually reads it, and practices land shots at home enough to know how to use it. Add some moisture munchers and a new battery from ebay; more info on Sealife owners forum.
As often as first time camera owners lose their cameras
*, you might even go cheaper. There are many available, and I am not talking one-time use. Like
this one - 6 mp, good to 33 ft, uses AA batteries (yes!

) for $99 plus SD card.
* No, I have not flooded or lost one
yet.

I did get a float strap for when I use it without the strobe, like when videoing, or last month rapid runs, as it is a sinker otherwise.