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Can a landlord in New Mexico require a security deposit greater than one month’s rent?

Can a landlord in New Mexico require a security deposit greater than one month’s rent?

Q: Should I pay a deposit before or after a contract?

Typically, you should pay a security deposit after signing the rental contract but before moving in. This deposit secures your commitment to the lease. Ensure you receive a receipt and understand the conditions under which the deposit will be returned when your lease ends.

Full question:

Next week I will be moving to a rented house in New Mexico for some official purposes. My landlord is demanding a security deposit greater than one month’s rent. I will be staying in this rental property only for 8 months. Can a landlord demand a security deposit more than a month’s rent?

Category: Landlord Tenant
Subcategory: Security Deposit
Date: 04/07/2025
State: New Mexico

Answer:

In New Mexico, a landlord cannot demand a security deposit greater than one month’s rent if the rental agreement is for less than one year. According to N.M. Stat. Ann. § 47-8-18, a landlord may not require a deposit exceeding one month’s rent for rental agreements shorter than one year. Since your agreement is for eight months, the landlord should not be allowed to ask for a higher deposit.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

How much can a landlord raise rent in New Mexico?

In New Mexico, there are no specific laws that limit how much a landlord can raise rent. However, landlords must provide tenants with a written notice of at least 30 days before increasing the rent. If you have a lease, the terms of that lease will govern any rent increases during its duration. Always check your lease agreement for specific terms regarding rent increases.

Do you pay a security deposit before moving in?

Yes, in New Mexico, it is common to pay a security deposit before moving into a rental property. This deposit is typically required to secure the rental and is held by the landlord to cover potential damages or unpaid rent. Make sure to get a receipt for your deposit and understand the terms regarding its return at the end of your lease.

What is the law on security deposits in Massachusetts?

In Massachusetts, landlords can charge a security deposit equal to one month's rent. The deposit must be held in a separate, interest-bearing account, and the tenant must be informed of the account's location. Additionally, landlords must provide a written receipt for the deposit and return it within 30 days after the tenant moves out, minus any deductions for damages.

Should I pay a deposit before or after a contract?

What is the security deposit law in New Mexico?

In New Mexico, the law states that landlords cannot require a security deposit greater than one month's rent for leases shorter than one year. Landlords must return the deposit within 30 days after the tenant moves out, minus any lawful deductions for damages or unpaid rent. It's important to document the condition of the property when moving in and out.