We consider a superdense coding based quantum communication system utilizing entangled qubits. These qubits are added to and retrieved from a pool of available entangled qubits. In this work, we examine the reliability of such a system with respect to probability of depletion of the entangled qubit budget. Furthermore, we analyze the latency ahead of resuming transmission. Our model and analysis includes specific effects, such as quantum decoherence. Additionally, we compare different approaches for transmission after exhaustion of the entangled qubit budget. Since reliability and latency are essential metrics for quantum communication systems, joint analysis of these in relation to the system parameters is of significant interest. The results presented in this work will help guide quantum communication system designers in making modifications to meet reliability and latency specifications.