Water plays a significant role in the deterioration of reinforced concrete buildings; therefore, it is essential to evaluate the water content of the cover concrete. This study explores a novel non-destructive method for assessing the water content using sub-terahertz (sub-THz) waves. Among the four frequencies selected to evaluate the water content, an increase in reflectance was observed as the unit volume water content increased, and smaller data scatter was confirmed as the frequency increased. The derived empirical equation can classify the corrosion risk of the rebar environment based on the water content obtained using reflectance measurements. In other words, it can contribute to the diagnosis of the building integrity associated with rebar corrosion.