I do think you need to factor in that Friday and Saturday nights with points -- even $10 points -- tend to be more expensive than cash reservations for those same nights, since disney charges the same every night within a season. So, that OKW studio rental jumps to 23 points for a weekend night in magic season. While DVC owners, perhaps, are accustomed to taking Sunday to Thursday vacations, I don't think that's ideal for the typical cash customer, who are the bulk of renters.
Even so I agree it is odd -- I too would think that as cash reservations increase, DVC rentals per point should increase too. I think there has been some modest increase in the last few years. More people seem to be able to command $12 per point at desirable resorts. But you can still usually find $10 points in abundance, and it seems it's been that way for some time.
I think the answer, ultimately, is simple -- supply. Disney has been putting millions of points into the system pretty much every year. Starting with Wilderness Lodge Villas in 2000, there has been somewhat of an explosion, with something like 30 or 40 million points added in less than a decade. When you factor in developer point incentives and the down economy, there are just an awful lot of points out there to be rented.
