Many-species ecological communities can exhibit persistent fluctuations
driven by species interactions. These dynamics feature many interesting
properties, such as the emergence of long timescales and large fluctuations,
that have remained poorly understood. We look at such dynamics, when species
are supported by migration at a small rate. We find that the dynamics are
characterized by a single long correlation timescale. We prove that the time
and abundances can be rescaled to yield a well-defined limiting process when
the migration rate is small but positive. The existence of this rescaled
dynamics predicts scaling forms for both abundance distributions and
timescales, which are verified exactly in scaling collapse of simulation
results. In the rescaled process, a clear separation naturally emerges at any
given time between rare and abundant species, allowing for a clear-cut
definition of the number of coexisting species. Species move back and forth
between the rare and abundant subsets. The dynamics of a species entering the
abundant subset starts with rapid growth from rare, appearing as an
instantaneous jump in rescaled time, followed by meandering abundances with an
overall negative bias. The emergence of the long timescale is explained by
another rescaling theory for earlier times. Finally, we prove that the number
of abundant species is tuned to remain below and without saturating a
well-known stability bound, maintaining the system away from marginality. This
is traced back to the perturbing effect of the jump processes of incoming
species on the abundant ones