This work constructs a new class of multirate schemes based on the recently developed generalized additive Runge-Kutta (GARK) methods (Sandu and Guenther, 2013). Multirate schemes use different step sizes for different components and for different partitions of the right-hand side based on the local activity levels. We show that the new multirate GARK family includes many well-known multirate schemes as special cases. The order conditions theory follows directly from the GARK accuracy theory. Nonlinear stability and monotonicity investigations show that these properties are inherited from the base schemes provided that additional coupling conditions hold.