(especially during the Great Depression) a party with music and dancing, given to raise money for the host's rent by collecting a contribution from each guest.
Origin
1925-30, Americanism
Examples from the web for rent party
rent party furnishings rather than buying things you will only use once a year.
Slang definitions & phrases for rent party
rent party
noun phrase
A party where one's friends and neighbors buy drinks, food, etc, and help one pay the rent; percolator, shake(1925+ Black)