I'm not up on the exact costs nowadays..but diving is an expensive hobby...especially starting out. That sounds pretty normal pricing really. And you haven't even looked at buying a regulator, BC, and computer for the both of you.
Wetsuits... gflat pretty much covered it. You can rent wetsuits if you want...but you will need one at sometime IMHO. I have a shorty (short sleeve and short legs) and a full. I can usually stay warm in tropical waters without a suit, but I like the exposure protection that the shorty gives; especially the protection from the BC rubbing the shoulders. not to mention entry or exit on the shore, boat or from a dock. Even a comfortable BC will dig into the skin after doing several dives in a day. Plus the shorty is easy to take off. If the water is chilly, I will move to the full suit and if it's really cold (like in a quarry), I'll use both....and sometimes I still get cold when I go deep. It all depends on the person. I haven't seen very many women that can go suitless....but many guys can.
Here's my tip of the day...
I would decide now if you are going to buy your own equipment (BC and regulator, maybe computer). I know its going to be a lot of money (and I mean A LOT OF MONEY) if you buy it from the Dive Shop or any shop...but if you decide to do it now, you can go back to the Dive Shop and see if they have any Deals going on where you get discounted or free classes with a certain level of equipment purchase. I got my advanced certification this way...5 free specialty classes) The reason I say that is if you plan to dive a lot (which from knowing you guys you most likely will), you need too look at the big picture of how much you can save now on classes and also how much you will save in rental fees for equipment in the future. I'm pretty sure that renting equipment for a week is going to be $$200 and its cash basically goes down the drain. Check out my numbers please....its only an estimate. Do you plan to take any weekend trips to dive at a quarry? Rental fees will eat you up there too. Another thing is that having your own equipment in my mind is piece of mind.....I dont have to worry about when its been serviced, etc. or if the last person threw up in the regulator.
Your other option is buying your equipment online (which I really don't advise), but it is an option. You just have to make sure you're getting the real stuff and know that you will be missing out on a warranty, etc. By buying from the Dive Shop, you will be getting top notch customer service and some good friends out of it too. I think its worth the cost to go with the Dive Shop instead of risking getting counterfeit equipment with no warranty or help if something goes wrong. ...lol but on the other hand, a friend of mine bought off the internet, and his equipment works fine and he saved a lot of cash.
Its up to you... thats my 2 cents for the day.