We investigate both analytically and by numerical simulation the kinetics of a microscopic model of hard rods adsorbing on a linear substrate, a model that is relevant for compaction of granular materials. The computer simulations use an event-driven algorithm that is particularly efficient at very long times. For a small, but finite desorption rate, the system reaches an equilibrium state very slowly, and the long-time kinetics display three successive regimes: an algebraic one where the density varies as 1/t, a logarithmic one where the density varies as 1/ln(t), followed by a terminal exponential approach. The characteristic relaxation time of the final regime, though incorrectly predicted by mean field arguments, can be obtained with a systematic gap-distribution approach. The density fluctuations at equilibrium are also investigated, and the associated time-dependent correlation function exhibits a power law regime followed by a final exponential decay. Finally, we show that denser particle packings can be obtained by varying the desorption rate during the process.