I use something like this.
SuperDry Products : ATD SERIES AIR TOOL DRYERS
It is metal so it would hold up better than the rubber vent hose.
It has a small drain screw to remove the water.
People change fuel and oil filters on a regular basis and I haven't had to change this filter for a couple of years, just keep on draining it.
I think I move more air through my air tools in a week than a fuel tank does in a year.