People are used to paying $100+/mo for a Gym, if Peloton can convince them to work out at home thats worth the $2500 they charge every 3 years or so. They can make the equipment free or cheap with multi-year subscriptions.
Renting makes sense if you can not afford it at all or only will use it for a small period of time. If you are going to use something long term you are usually better off buying that thing.
Also try to buy used equip. Many times people realize they did not really want to do it at all but made an excellent coat hanger. Usually it is in very good condition and you can save a decent amount of cash.
You do not need a lot of money to exercise. You can get in cheap. Mostly it is about setting up a routine and doing that. Basically 'procrastination is the thief of time' and 'by repetition I get things done'.