We study dynamic algorithms for maintaining fundamental algebraic properties of matrices, specifically, rank, basis, and full-rank submatrices, with applications to maximum matching on dynamic graphs. Prior dynamic algorithms for rank achieve subquadratic update times but scale with the matrix dimension $n$, and could not always maintain the corresponding objects such as a basis or maximum full-rank submatrix. We present the first dynamic rank algorithms whose update time scales with the matrix rank $r$, achieving $\tilde O(r^{1.405})$ time per entry-update and $\tilde O(r^{1.528}+ z)$ per column-update, where $z$ is the number of changed entries. This extends to $\tilde O(|M|^{1.405})$ edge-update time to maintain the size $|M|$ of a maximum matching. We also give dynamic algorithms for maintaining a column-basis subject to column-updates and a maximum full-rank submatrix subject to entry-updates.