  We show that for every finite-volume hyperbolic $3$-manifold $M$ and every
prime $p$ we have $\text{dim}\ H_1(M;\mathbf{F}_p)< 168.602\cdot\text{vol}\ M$.
There are slightly stronger estimates if $p = 2$ or if $M$ is non-compact. This
improves on a result proved by Agol, Leininger and Margalit, which gave the
same inequality with a coefficient of $334.08$ in place of $168.602$. It also
improves on the analogous result with a coefficient of about $260$, which could
have been obtained by combining the arguments due to Agol, Leininger and
Margalit with a result due to B\"or\"oczky. Our inequality involving homology
rank is deduced from a result about the rank of the fundamental group: if $M$
is a finite-volume orientable hyperbolic $3$-manifold such that $\pi_1(M)$ is
$2$-semifree, then $\text{rank}\ \pi_1(M)<1+\lambda_{0}\cdot\text{vol}\ M$,
where $\lambda_{0}$ is a certain constant less than $167.79$
