Multiple transmit and receive antennas can be used to increase the number of independent streams between a transmitter-receiver pair, and/or to improve the interference resilience with the help of linear minimum mean squared error (MMSE) receivers. Typically, rank adaptation algorithms aim at balancing the trade-off between increasing the spatial multiplexing gain through independent streams, or improving the interference resilience property. An interference aware inter-cell rank coordination framework for the future fifth generation wireless system is proposed in this article. The proposal utilizes results from random matrix theory to estimate the mean signal-to-interference-plus-noise ratio at the MMSE receiver. In addition, a game-theoretic interference pricing measure is introduced as an inter-cell interference management mechanism to balance the spatial multiplexing vs. interference resilience trade-off. Centralized and distributed implementations of the proposed inter-cell rank coordination framework are presented, followed by exhaustive Monte Carlo simulation results demonstrating its performance. The obtained results indicate that the performance of the proposed method is up to 56% better than conventional non interference-aware schemes; and within 6% of the optimum performance obtained using a brute-force exhaustive search algorithm though it incurs much lower computational complexity.