Bring the water to a boil in a medium saucepan. Add the rice and gently simmer, stirring often, until most of the water is absorbed, 12-15 minutes.
Add milk in two additions, stirring often and waiting until the milk is absorbed before adding the rest, 6-10 minutes total.
Stir in the Chobani. Turn off the heat and set aside 10 minutes, then stir in the condensed milk. Serve warm or at room temperature.