Rusting is an electrochemical process.
In water, the following reaction occurs:
Fe -> Fe2+ + 2e
The electrons then travel within the water medium to the surface of the water where there is oxygen. Oxygen then accepts these electrons by the following reaction:
O2 + 2H2O + 4e -> 4OH-
The iron(II) ions undergo furthur oxidation with atmospheric oxygen to produce Fe3+.
Fe3+ combines with the hydroxide ions to produce rust.
The slowest step in the reaction mechanism is actually the reduction of oxygen. The rate of electron transport from the Iron metal to atmospheric oxygen can be increased if the the conductivity of the aqueous medium increases. Note that water has a high dielectric constant, so it favours the aqueous solvation of ions. Adding salt increases the conductivity of the solution, thus increase the rate of electron transport. This aids in quickening the rate determing step.
Hence, rust occurs faster in salt solution.