The Land of Enchantment is the perfect nickname for the state of New Mexico. From the diverse culture, warm climate, and unique landscape, New Mexico can be home to anyone from any background. New Mexico is also one of the more affordable states, with housing costing 5% lower than the national average. For this reason, New Mexico is a great place to invest in rental properties.
Laws that impact the rental market, landlords, and tenants are constantly being decided in states. Make sure you know what’s on your ballot – find New Mexico voting information.
When it comes to New Mexico rental laws, there are a few specifics landlords need to know:
There are no additional rental application fee laws in New Mexico.
New Mexico criminal background checks can only go back seven years.
Landlord can charge up to one month’s rent for lease term of one year or shorter. There is no limit on the amount of a security deposit charge for longer term leases as long as it’s reasonable.
If a landlord wants to charge a late fee in New Mexico, it must be stated in the lease agreement. There is no grace period requirement, and landlords can charge up to a 10% late fee on any rent due.
New Mexico adds protection for ancestry and spousal affiliation.
Build a New Mexico lease in less than 15 minutes.
There are three sections to a residential lease agreement. The first section outlines the custom details of the contract, such as who’s involved and for what address. Here’s an example New Mexico lease agreement listing details found in Section 1:
Below are brief answers for some of the most commonly-asked questions when it comes to landlord-tenant law in New Mexico.
Yes, if the landlord fails to make repairs within seven days of being notified.
If a tenant fails to pay rent, the landlord must give them a written notice and three days to make the payment. For a lease violation, the landlord must issue a seven-day notice. For illegal acts, they are required to give a three-day notice.
New Mexico is a somewhat landlord-friendly state. New Mexico has no limits for what landlords may charge for rent and may file for eviction sooner than in other states.
There are three reasons a landlord may file for eviction in New Mexico. The three reasons include failure to pay rent, violation of the lease agreement, and illegal acts. For failure to pay rent or illegal acts, the landlord must give a three-day notice to cure before they can file for eviction.
For a violation of the lease, they are required to give a seven-day notice to cure before being able to file for eviction. After the eviction is filed and served, a court date is set anywhere from seven to ten days later. If the judge rules for eviction, then a writ of restitution will be served within a few hours to a few days. The entire eviction process in New Mexico can take anywhere from two to seven weeks.
Yes, a landlord or property manager can require renters insurance in New Mexico.
TurboTenant has utilized many municipal sources along with official state statutes in order to compile this information to the best of our ability. However, local laws are always in flux and landlords and tenants alike should be sure to do their due diligence and consult legal help when it’s needed. We hope the following list can serve as a valuable resource and allow you to succeed as a landlord or tenant in New Mexico. Be sure to take proper precautions when it comes to finding the top candidates for your unit by utilizing our online rental application and tenant screening services.
Disclaimer: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state, and federal laws and consult legal counsel should questions arise.
Create a single New Mexico lease agreement, or subscribe and receive unlimited lease agreements, landlord forms pack, and e-signs for a simple annual fee. Be confident with all the legal forms and tools you need as a professional landlord.Discover Our Unlimited Plan