Rena.

I have heard it both ways.

Ray-na is how my friends name is pronounced

At first glance I say Ree-na

It's been Ray-na from the people I've met...but of those I'd say ree-na.

I've really only seen Ren-ay spelled "renae" or "renee". I love that name though

I would say Rena

Ree-na. If it was Réna then I would pronounce it Ray-na.

Reina is pronounced Ray-na.

Quoting Fairy [God] Mother ®:" Ray-na is how my friends name is pronounced"

thats how I was saying it.

Ren-ah that's what it looks like.

My daycare providers name is Rena, and it's pronounced Ra-nay.

WREN like the bird and then a short A sound, but thats what I thought when i seen it

That's my friends last name and she says it Ray-na.

Quoting Man. Bear. Pig.:" I've really only seen Ren-ay spelled "renae" or "renee". I love that name though"

That's my middle name, but it's spelled Rena, like in the OP. DD's middle name is Renae.
I hate the name Ree-na.  

Quoting Fairy [God] Mother ®:" Ray-na is how my friends name is pronounced"

This!!!