With less than a month before the 2015 Pan Am Games kick off, dozens of houses, apartments and even parking spots in the Greater Toronto Area are being put up for rent by locals who are hoping to make an extra buck.

Many are turning to Airbnb and other listing sites in hopes of attracting short-term renters.

For those who have -- or are planning to – to list their properties, insurance experts say use caution. In addition to a damage deposit, they say a list of rules and boundaries should be drawn up ahead of time.

"The last thing you want is to encounter a situation where you do something like that (and) your property is damaged and you don’t have coverage," said Pete Karageorgos, a director at the Insurance Bureau of Canada.

"As the landlord, as the property owner, you can put in whatever steps you wish for those tenants to consider."

Earlier this year, a group of Airbnb lodgers trashed a Calgary home rented for a weekend. The renters told the Calgary family they were in town for a wedding, and only four adults would be staying at the residence.

Police, however, ended up responding to multiple noise complaints between Saturday and Monday. The estimated damage to the home was between $50,000 and $75,000.

Renting out driveways

In addition to homes, some people are also hoping to rent out their driveways. It's a potentially profitable idea, considering the influx of visitors to the city likely means parking spots -- especially those near Pan Am venues and tourist hotspots -- will be hard to come by.

But City of Toronto staff and bylaw expert Klaus Lehmann says municipal rules limit how much of a driveway or parking spot can be rented. Essentially, the entire space cannot be rented out.

"If you're renting a number of spaces – and we've had that where people rent out their entire backyard – it becomes a commercial parking lot and that’s not the intent," he said.

Lehmann says those who are caught violating the bylaw could up end up paying a $5,000 fine.

With a report from CTV Toronto's Colin D'Mello