We study rectangular matrix multiplication in the low-bandwidth model of distributed computing. There are $n$ computers; initially the input matrices are distributed evenly between computers, and in each communication round every computer can send and receive an $O(\log n)$-bit message. Eventually each computer must output its designated part of the product matrix. While prior work has focused primarily on square $n \times n$ multiplication under various sparsity assumptions, we study rectangular instances with no sparsity assumption. We denote by $\langle a,b,c\rangle$ the task of multiplying an $a\times b$ matrix by a $b\times c$ matrix in this model. We concentrate on two natural aspect ratios, $\langle n,d,n\rangle$ and $\langle d,n,d\rangle$, for $d \le n$, and we study how the round complexity depends on $n$ and $d$. When $d \to n$, both $\langle n,d,n\rangle$ and $\langle d,n,d\rangle$ approach $\langle n,n,n\rangle$, which is the usual task of multiplying square matrices. If we consider multiplication over semirings, the current best upper bound in that case is $O(n^{4/3})$ rounds, and there is a trivial unconditional lower bound of $Ω(n)$. We show that for $\langle d,n,d\rangle$, we can achieve the complexity of $\tilde O(d^{4/3})$, which seems like a natural generalization of the upper bound $\tilde O(n^{4/3})$ when $d=n$. However, the case of $\langle n,d,n\rangle$ is fundamentally different, and also exhibits a phase transition. We show that for $d \le \sqrt{n}$, the complexity of $\langle n,d,n\rangle$ is $Θ(d \sqrt{n})$; we have matching upper and lower bounds. However, the behavior is genuinely different in the region $d \ge \sqrt{n}$, where the upper bound is $O(d^{2/3} n^{2/3})$.