Balconies in most apartments are small, and a traditional floor-standing drying rack can eat up a large share of that usable space. A ceiling cloth hanger solves this by moving the drying area up and out of the way — the rods lower down when you need to hang clothes, then lift back up toward the ceiling once you're done.
Beyond the space savings, raising clothes closer to the ceiling also means they dry in warmer, better-circulated air, which can noticeably speed up drying time compared to a rack sitting at floor level.
Installation is usually quick, since the pulley system mounts directly to the ceiling and existing wall points, and most systems are rated for years of daily use with minimal maintenance beyond the occasional check of the pulley cables.