New Mexico Standard Residential Lease Agreement

A New Mexico standard residential lease agreement is a one-year lease contract between a landlord and a renter. This document lays out the conditions for the lease, such as cost, length, security deposit, pet policy, prohibited activities, and fees. The landlord has the right to run a credit check on the tenant to ensure they can cover the monthly costs.

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Last updated October 25th, 2024

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A New Mexico standard residential lease agreement is a one-year lease contract between a landlord and a renter. This document lays out the conditions for the lease, such as cost, length, security deposit, pet policy, prohibited activities, and fees. The landlord has the right to run a credit check on the tenant to ensure they can cover the monthly costs.

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Disclosures

Copy of the Rental Agreement – Each tenant must be provided with a copy of the rental agreement before the start of their lease. (§ 47-8-20(G))

Landlord Identification – Any landlord, property owner, or anyone acting as the property manager’s name, address, and phone number must be provided to the tenant. (§  47-8-19(A))

Lead-Based Paint Disclosure – A building constructed before 1978 may contain toxic lead paint, so any landlord renting a building built before then must provide a lead paint disclosure. (EPA/HUD Fact Sheet)

Rent Grace Period

There is no rent grace period in New Mexico. The tenant shall pay the rent as agreed to in the lease agreement.

Security Deposit

Maximum Amount – While there is no set maximum security deposit amount in the state of New Mexico, the amount shall be “reasonable.” (§ 47-8-18(A))

  • Exception – The maximum security deposit amount for a tenancy of less than one year must be no more than one month’s rent. (§ 47-8-18(A)(2))

Returning – The tenant must receive their security deposit within 30 days of the lease’s end. (§ 47-8-18(C))

  • Deductions – If the landlord has deducted any amount from the security deposit, a list must be presented to the tenant. (§ 47-8-18(C))