If you own, you also have to spend time trying to unload your kids gear every year. I just can't see how it's possible to save enough to make the various hassles better than leasing.
Yeah, this is a dominant factor in me leaning towards the seasonal rental (although TEO has graciously offered to donate a setup that he wants to unload from his own basement which may well fit my kid). I'm not too worried about adjusting bindings on a 2.5 year old's skis, nor making sure the bevel and wax choice are well considered for the conditions of the day!
BTW the Ski Rack seasonal rental includes a Jay Peak season pass, which pays for itself in an instant if you ever plan to take a trip there with kid(s) - my extended family is doing such a trip this winter so its a no brainer to rent from there rather than Alpine Shop.