Are migrations instructions that change a model? Will I make several migrations, or will there be one migration per table? For instance, let's say if I want to change "username" to "admin_username". Does this call for a migration? Then, let's say I decide I want to add "age". Do I have to make a new migration, or do I just add it to the aforementioned migration?
You can make the quantity of migrations you want. My advise, try to plan your project and see how your model needs to be in order to avoid migrations. The migration feature is a great way to add, delete, rename fields to your model among other things.
If you need to change the username of the model User then you run rails g migration renameUsernameInUsers and add the necessary code to change the name of that field in you recently created migration file.
If some minutes later you realise that you also need to add a field you can make a new migration with your needs and add a field or add multiple fields in just one migration.
Remember, in order to apply your migrations you need to run rake db:migrate. If you modify the code in your migration files already migrated with this command, it will not have effect in your model. You will need a new migration.
In conclusion, you can(will) make many migrations for a model.
To go further on this topic you can see this official page for migrations in rails.