Identifying the mechanisms underlying the persistence of rare species has long been a motivating question for ecologists. Classical theory implies that community dynamics should be driven by common species, and that natural selection should not allow small populations of rare species to persist. Yet, a majority of the species found on Earth are rare. Consequently, several mechanisms have been proposed to explain their persistence, including negative density dependence, demographic compensation, vital rate buffering, asynchronous responses of subpopulations to environmental heterogeneity, and fine‐scale source‐sink dynamics. Persistence of seeds in a seed bank, which is often ignored in models of population dynamics, can also buffer small populations against collapse. We used integral projection models (IPMs) to examine the population dynamics of Oenothera coloradensis, a rare, monocarpic perennial forb, and determine whether any of five proposed demographic mechanisms for rare species persistence contribute to the long‐term viability of two populations. We also evaluate how including a discrete seed bank stage changes these population models. Including a seed bank stage in population models had a significantly increased modeled O. coloradensis population growth rate. Using this structured population model, we found that negative density‐dependence was the only supported mechanism for the persistence of this rare species. We propose that high micro‐site abundances within a spatially heterogeneous environment enables this species to persist, allowing it to sidestep the demographic and genetic challenges of small population size that rare species typically face. The five mechanisms of persistence explored in our study have been demonstrated as effective strategies in other species, and the fact that only one of them had strong support here supports the idea that globally rare species can employ distinct persistence strategies. This reinforces the need for customized management and conservation strategies that mirror the diversity of mechanisms that allow rare species persistence.
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