More generally, _every_ matrix describes how a change of coordinate system should happen. For any m x n (m rows, n columns) matrix, each of the the n column vectors represent how the current coordinate system (which may or may not be unit vectors) should be represented in the new coordinate system (for a left multiplied matrix).
Whenever a matrix's determinant is zero, it means that you squashed some dimensions. As you can imagine, when m is not equal to n, there will always be dimension squashing. Even when they are equal, that can happen. If you take a 3 x 3 matrix and it transforms all the 3-D vectors into only planes (which are 2-D objects), the determinant will be zero. This would be stated as having a rank of 2. More simply, you'd say the "volume" of the transform to be 0 (because planes have zero volume).
EDIT: Make sure to read important clarifications by JadeNB below.