The Position Options dialog box allows you to set the position of labels relative to features. There are different position options available for point, line, and polygon features. In this example the labels will be placed aligned with, but offset from, the parcel boundary lines.

To make the line lengths easier to read, they'll be offset slightly from the parcel lines. You can set offsets at a distance from a line and from the end of a line. For this map, the labels will be offset from the lines by one point, and they'll be placed above the lines.