Now Available!
RenderMan is now free for all non-commercial purposes, including evaluations, education, research, and personal projects. The non-commercial version of RenderMan is fully functional without watermark or limitation. For further details please refer to Pixar's Non-Commercial RenderMan FAQ.

If you're ready to get started with Free Non-Commercial RenderMan ...
then you may proceed to Download & Installation.

http://rendermansite.pixar.com/view/non-commercial-renderman