One of the goals of 5G wireless systems stated by the NGMN alliance is to provide moderate rates (50+ Mbps) everywhere and with very high reliability. We term this service Ultra-Reliable Ubiquitous-Rate Communication (UR2C). This paper investigates the role of frequency reuse in supporting UR2C in the downlink. To this end, two frequency reuse schemes are considered: user-specific frequency reuse (FRu) and BS-specific frequency reuse (FRb). For a given unit frequency channel, FRu reduces the number of serving user equipments (UEs), whereas FRb directly decreases the number of interfering base stations (BSs). This increases the distance from the interfering BSs and the signal-to-interference ratio (SIR) attains ultra-reliability, e.g. 99% SIR coverage at a randomly picked UE. The ultra-reliability is, however, achieved at the cost of the reduced frequency allocation, which may degrade overall downlink rate. To fairly capture this reliability-rate tradeoff, we propose ubiquitous rate defined as the maximum downlink rate whose required SIR can be achieved with ultra-reliability. By using stochastic geometry, we derive closed-form ubiquitous rate as well as the optimal frequency reuse rules for UR2C.