Yep air drying is the way to go. If you feel like it needs a good washing. Then delicate/gentle cycle and hang dry. Everyone's suggestions work perfectly in my experience.
Now my research shows that there are many products out there that'll help restore the water repellant properties of this equipment. Maybe something like ReviveX (I've never used it personally, only mentioned). Or even spraying on simple Kiwi Camp Dry.
Some google searches can give you other ideas and opinions.