Correct understanding of the residential parking characteristics and parking behavioral regularities is important to the planning of parking facilities, the selection of parking equipment, and the formulation of parking management measures in residential areas. There are few in-depth reports on the time domain characteristics of the residential parking and the parking choice behavior of developers and drivers. Besides, the influence of developers’ potential demands and drivers’ mental latent variables on the results of parking choice has been ignored. To address the gap, in this paper, we propose the concept of latent variables for parking choice based on the analysis of the time domain characteristics of residential parking in different cities and areas. We construct the SEM-BL integrated model for developers and drivers that considers the combined effect of both manifest and latent variables for the actual residential situation and analyze the factors influencing the choice of stereoscopic parking facilities from the perspective of developers and drivers in residential areas. The results show that the type of residential area, floor space, and plot ratio have a critical impact on parking choice. Residential drivers are most concerned about factors such as walking distance after parking, access convenience, pick-up time, pedestrian access, and environment, while developers choose a stereoscopic parking garage with more concern for economy, ignoring the consideration of drivers for walking distance after parking and convenience of accessing the car. Therefore, the mismatch between the needs of both sides is one of the important factors that make it difficult to solve the problem of parking in residential areas. Based on these results, we put forward a proposal for residential parking planning and equipment selection that takes into account the common needs of both developers and drivers.