We propose an adaptive transmission technique for free space optical (FSO) systems, operating in atmospheric turbu-lence and employing subcarrier phase shift keying (S-PSK) inten-sity modulation. Exploiting the constant envelope characteristics of S-PSK, the proposed technique offers efficient utilization of the FSO channel capacity by adapting the modulation order of S-PSK, according to the instantaneous state of turbulence induced fading and a pre-defined bit error rate (BER) requirement. Novel expressions for the spectral efficiency and average BER of the proposed adaptive FSO system are presented and performance investigations under various turbulence conditions, turbulence models, and target BER requirements are carried out. Numerical results indicate that significant spectral efficiency gains are offered without increasing the transmitted average optical power or sacrificing BER requirements, especially in moderate-to-strong turbulence conditions. Furthermore, the proposed variable rate transmission technique is applied to multiple input multiple output (MIMO) FSO systems, providing additional improvement in the achieved spectral efficiency as the number of the transmit and/or receive apertures increases.