First off a couple of questions... when you say that you checked out "their" site and priced out
DVC are you talking about renting points through a rental company such as Davids
DVC Rental?
Davids basically serves as a middle man between the owner and the renter and helps alleviate some of the risk that might be associated with a transaction like this. On his site he has a great section of Q&A so you should check it out.
I will answer your questions based on the assumption that youre talking about renting points from an owner through a company like Davids...
After hearing about DVC I checked their site for our dates and they seem to be even cheaper for a two room suite even after adding the cost for the deluxe dining through them. Could that be right?
Yes it is right! Its a great deal, but there are things you need to be aware of... such as not having a lot of flexibility to cancel since the DVC member who makes the reservation for you is bound to the reservation and could wind up losing their points if they cancel... Davids spells all that out on his site.
Am I correct that you could add the deluxe dining package through them but you would have to purchase you park tickets separately?
The owner can add dining for you but you have to pay for it. Tickets can be added to your room key but you do have to purchase them separately.
Our trip is scheduled for mid May 2014. What would be the chances of getting a two bedroom suite in one of the resorts?
For May you would probably have a really good chance... for the best odds you need to have everything lined up with the rental company/member before the 7 month booking window opens. Owners can book at their "home" resort at 11 months and at any other DVC resort at 7 months. So things really start to get booked up at the 7 month mark. Since the May 2014 booking window has already opened you would need to get this done soon. The last resort to usually fill up is Saratoga Springs since its the largest... it is still showing availablity depending on what your dates are.
Do they provide free transportation from the airport to and from the resorts?
DVC members and their guests (as a renter of a members points you are their guest) are all eligible at WDW to use Disney transportation including Magical Express to and from the airport.
Also can anyone rent or do you have to have a time share?
Renting is a great way for non DVC members to check out DVC and see if they like it, no timeshare membership is required to rent another members points.