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Douglas Harper's Etymology Dictionary
rat-race

also rat race, 1934 in reference to aviation training, from rat (n.) + race (n.1). Rat-run is from 1870 in a literal sense.\n\nA rat race is ... a simple game of "follow the leader" in fighter planes. The leader does everything he can think of -- Immelmanns, loops, snap rolls, and turns, always turns, tighter and tighter.

["Popular Science," May 1941]

\nMeaning "competitive struggle" is from 1945.
Wiktionary
rat-race

vb. To rat run, that is, to drive on side streets, often at high speeds, to avoid traffic.

Usage examples of "rat-race".

Well, I write this a long time later, and Singapore, that elegant rat-race, has now gone its own way, free of British control.