Walmart offers the Household Essentials Tripod Drying Rack, model no. 5009, for $22.99. (Amazon charges the same with free shipping for Prime members, although it is temporarily out of stock.) Choose in-store pickup to avoid the $4.97 shipping fee. Outside of the deal below, that's the lowest price we could find by $6. This collapsible clothes dryer features three arms that hold up to 36 garments and measures 64.5" x 26" x 26" unfolded.

A close price, Target offers it (branded as Honey-Can-Do) for $23.99 via coupon code "STORAGE" with free shipping. Coupon ends March 5.