Is it totally unreasonable to allow short rests every three or four waves? It might take some time for the baddies to muster up the numbers for another assault, so, it's not totally unreasonable that short rests might be possible. After all, short rests do allow baddies to heal as well - don't forget that each wave does not have to fight to the death every time. Waves can come in, fall back after losing about 1/3 of their HP (I mean total for the group), regroup and add in some extra baddies to fill out the fallen, attack again.
The same baddies could potentially show up two or three times.
So, after the first wave of three or four assaults, the baddies fall back and give the PC's enough time for both sides to short rest. Wash rinse and repeat as needed.