Older adults with age-related hearing loss exhibit substantial individual differences in speech perception in adverse listening conditions. We propose that the ability to rapidly adapt to changes in the auditory environment is among the processes contributing to these individual differences, in addition to the cognitive and sensory processes that were explored in the past. Seventy older adults with age-related hearing loss participated in this study. We assessed the relative contribution of hearing acuity, cognitive factors, rapid perceptual learning of time-compressed speech, (...) and hearing aid use to the perception of speech presented at a natural fast rate, speech embedded in babble noise, and competing speech. Speech perception was modeled as a function of the other variables. For fast speech, age [odds ratio = 0.79], hearing acuity, pre-learning perception of time-compressed speech, and rapid perceptual learning were all significant predictors. For speech in noise, only hearing and pre-learning perception of time-compressed speech were significant predictors. Consistent with previous findings, the severity of hearing loss and auditory processing was strong contributors to individual differences in fast speech and speech in noise perception. Furthermore, older adults with good rapid perceptual learning can use this capacity to partially offset the effects of age and hearing loss on the perception of speech presented at fast conversational rates. Our results highlight the potential contribution of dynamic processes to speech perception. (shrink)