Use 'slum it' when referring to a short-term living situation that's worse than usual. Our house is being fumigated, so we're slumming it at my brother's cramped studio.
Pro Tip 2/3
Humor or Irony
'Slum it' often includes a sense of humor or irony about the uncomfortable circumstances. We'll be slumming it in the wilderness this weekend, but at least there's no Wi-Fi!
Pro Tip 3/3
Choice Implied
The phrase suggests chose the less comfortable option, possibly for an experience. For our vacation, we're slumming it on a working farm instead of a hotel.