Water would be considered as an actual renewable resource.
If we see the actual definition of renewable resource, it is as follows: Renewable resources are those which will replenish to replace the portion depleted by usage and consumption, either through natural reproduction or other recurring processes in a finite time.
Water can be considered renewable due to the following reasons.
Water is recyclable.
Water is reusable and sustainable.
Water evaporates and then condenses again in form of rain to replenish the water bodies.
Water quantity remains more or less the same.
Depleting fresh water levels can actually be increased by harvesting rain water, its just that we are not doing it properly.
So, I think it is fair enough to consider water as a renewable resource.