Residential water demand consists one of the most uncertain factors posing extra difficulties in the efficient planning and management of urban water systems. Currently, high resolution data from smart meters provide the means for a better understanding and modelling of this variable at a household level and fine temporal scales. Having this in mind, this paper examines the statistical and distributional properties of residential water demand at a 15-minute and hourly scale, which are the temporal scales of interest for the majority of urban water modeling applications. Towards this, we investigate large residential water demand records of different characteristics. The analysis indicates that the studied characteristics of the marginal distribution of water demand vary among households as well as on the basis of different time intervals. Both month-to-month and hour-to-hour analysis reveal that the mean value and the probability of no demand exhibit high variability while the changes in the shape characteristics of the marginal distributions of the nonzero values are significantly less. The investigation of performance of 10 probabilistic models reveals that Gamma and Weibull distributions can be used to adequately describe the nonzero water demand records of different characteristics at both time scales.