Exactly. Same issue. Briansyddall is incorrect. See here: About renting movies from the iTunes Store - Apple Support
I was able to get rentals to play on my 4th generation ATV using Airplay. But it had some buffering issues for at least the first 30-45 minutes (and I have everything wired with ethernet, no wifi).
Whenever I try to access rentals through home sharing, I can see the rental movies listed on the ATV, I click to start them, the screen goes blank as if it's going to start, then it just pops back to the homesharing menu again. If I start watching on my Mac, then go to ATV homesharing, it asks me if I want to resume from where I left off - so it's definitely registering the movie there. It just won't play it back. Keeps popping back to the menu with no error message or any indication about what's wrong.
I tried rebooting Mac and ATV to no effect.
I'm guessing this is a bug Apple will need to fix through an update, rather than something with a clear workaround. But if anybody can figure this out, please post!