Renters' Rights · Security Deposit
Security Deposit Laws in New Mexico
The most a landlord can charge, how long they have to return it, and what it costs them to keep your money without cause in New Mexico.
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What your landlord can hold, and when it's due back
Enter your rent for the New Mexico maximum, plus the return-deadline clock.
Estimate only, based on New Mexico's statutory cap. Your lease may set a lower deposit, and local ordinances can be stricter. Not legal advice.
The full rules, with the statute
Every requirement and where it comes from in the code.
Exceptions: The cap depends on the length of your lease. Under NMSA 1978 47-8-18, for a rental agreement lasting less than one year the landlord cannot demand or receive a deposit greater than one month's rent. For a lease of one year or more there is no dollar cap, but if the deposit is larger than one month's rent the landlord must pay you interest each year (see below).
Penalties & recent changes
What happens if the landlord keeps your deposit wrongfully.
What New Mexico renters get wrong
New Mexico ties the security deposit cap to how long your lease runs. Under NMSA 1978 47-8-18, if your lease is shorter than one year the landlord cannot demand or receive more than one month's rent as a deposit. If your lease is a year or longer, there is no fixed dollar cap, but any deposit larger than one month's rent obligates the landlord to pay you interest every year at the state passbook savings rate. After you move out, the landlord has 30 days to return the deposit, and if any of it is kept they must include an itemized written list of the deductions. A landlord who misses that deadline forfeits the right to keep any of the deposit and owes your court costs and attorney fees, with an extra $250 penalty for keeping it in bad faith.
Common questions
How much can a landlord charge for a security deposit in New Mexico?
It depends on your lease length. For a rental agreement shorter than one year, the deposit cannot be more than one month's rent (NMSA 1978 47-8-18). For a lease of one year or more there is no dollar limit, but if the deposit is larger than one month's rent the landlord has to pay you interest every year.
Does my New Mexico landlord have to pay interest on my deposit?
Only in one situation: when your lease is a year or longer and the deposit is larger than one month's rent. Then the landlord must pay you interest annually, at a rate equal to the passbook interest allowed for New Mexico savings and loan associations. If the deposit is one month's rent or less, no interest is owed.
How long does a New Mexico landlord have to return my deposit?
Thirty days from the date the lease ends or you move out, whichever is later. If the landlord keeps any part of it, they must send you an itemized written list of the deductions along with whatever balance is left. Nothing can be withheld for normal wear and tear.
What happens if my New Mexico landlord keeps my deposit unfairly?
If the landlord fails to give you the itemized list within 30 days, they lose the right to keep any of the deposit, cannot raise a counterclaim if you sue to get it back, and owe your court costs and reasonable attorney fees. If they held the deposit in bad faith, they also owe an extra $250 penalty payable to you.
Not legal advicePlainStatute provides plain-language summaries of public law for general information only. This is not legal advice. Statutes change; always confirm current requirements with the official source linked above before acting.