You can also get a rack for drying
Amazon.com: Used and New: Indoor Clothes Drier Y Airer Rack, 79'
This looks most like the one I bought in 1995 (there's lots of other styles).
I bought this when I didn't have a dryer in college.
I still use it to this day. I wash all my work clothes in cold water, and hang dry them. (I do not do dry cleaning!)
We have an extra large closet though, so it just fits well in there. But heck, you can put it where you would have put your dryer.
My only experience is that things dry a lot faster in the summer (12 hours usually will do). In winter, may take longer. We really have zero humidity though, which probably helps. Some items I fluff in the dryer first, just for a bit, because they "feel nicer" that way. Liquid fabric softener may help though.