More to explore:
Fold-down racks provide drying space.
how to build a pull out drying rack
Accordion Drying Rack
Paint a ladder and use it as a drying rack in the laundry room. Love this idea!
Make your own almost-identical version of this Ballard Designs fold-down drying rack.
DIY Drying Rack from sawdustgirl.com
Built in drying rack