An algebraic $\mathbb{Z}^d$-action of entropy rank one is one for which each element has finite entropy. Using the structure theory of these actions due to Einsiedler and Lind, this paper investigates dynamical zeta functions for elements of the action. An explicit periodic point formula is obtained leading to a uniform parameterization of the zeta functions that arise in expansive components of an expansive action, together with necessary and sufficient conditions for rationality in a more general setting.