Security Deposit Laws in New Mexico
New Mexico limits security deposits to 1 month's rent for leases under a year, requires interest if a deposit over 1 month is taken on a lease of a year or more, requires return within 30 days, and requires 24 hours' written notice before entry.
Last checked . General information, not legal advice.
New Mexico at a glance
- Security deposit limit
- 1 month's rent
- 1 month's rent for leases under 1 year; no cap for leases of 1 year or more
- Deposit return deadline
- 30 days
- 30 days after lease ends or tenant vacates, whichever is later
- Interest on deposits
- Required in some cases
- State law requires interest only in some situations, for example above a unit count or holding period
- Notice before landlord entry
- 24 hours
- 24 hours' written notice
The rules in New Mexico
How much can a landlord charge for a security deposit in New Mexico?
New Mexico limits security deposits to 1 month's rent for leases under 1 year; no cap for leases of 1 year or more.
How long does a landlord have to return a security deposit in New Mexico?
New Mexico rule: 30 days after lease ends or tenant vacates, whichever is later.
Does a landlord have to pay interest on a security deposit in New Mexico?
Only in some cases. New Mexico law requires interest only in certain situations, for example above a number of units or after the deposit is held for a set time. Check the statute for the details.
How much notice must a landlord give before entering a rental in New Mexico?
New Mexico rule: 24 hours' written notice.
Where do the New Mexico rules for residential leases come from?
They come from N.M. Stat. 47-8-18 Security deposits and N.M. Stat. 47-8-24 Access. We last checked them in October 2026. Laws change, so check the current statute before you rely on it.
How New Mexico compares
New Mexico is one of 30 jurisdictions that cap deposits by law. Its 30-day return deadline is the same as the most common deadline of 30 days; 15 jurisdictions require a faster return.
What this means in practice
Landlords: state the deposit amount, where it is held and how it will be returned in the lease, and send the refund with any deductions in writing within the deadline.
Tenants: record the unit's condition with photos and a move-in checklist, keep your receipts, and give the landlord a forwarding address in writing when you move out.
Both sides: normal wear and tear is generally not deductible. Disputes over deductions usually go to small claims court.
General information, not legal advice. Laws change, and cities can add their own rules, so check the current statute before you rely on it.