How long does a New Mexico landlord have to return a security deposit?
New Mexico generally gives the landlord 30 days after termination of the rental agreement or resident departure, whichever is later, to provide the deposit balance and any itemized written list of deductions.
What must the landlord send if money is withheld?
The landlord must provide a written statement with the exact reasons for withholding. The statement should be itemized and sent with any remaining deposit balance.
Can a New Mexico landlord keep money for normal wear and tear?
No. New Mexico says no deposit may be retained to cover normal wear and tear.
What is the New Mexico deposit cap and interest rule?
For rental agreements shorter than one year, the deposit generally may not exceed one month's rent. For annual rental agreements, a larger deposit may be taken, but the landlord must pay annual interest on the portion above one month's rent.
What happens if the landlord misses the 30-day rule?
If the landlord fails to provide the required written statement and payment within 30 days, the landlord can forfeit the right to withhold any portion of the deposit. New Mexico also provides a civil penalty equal to twice the amount improperly withheld.
Should I give a forwarding address?
Yes. Give a current mailing or forwarding address in writing and keep proof. New Mexico's mailing rule uses the resident's last known address and has an additional notice issue if mail is returned and an alternative address was provided.
New Mexico's key leverage is the deadline, written itemization, and amount improperly withheld. The system keeps those issues in order.
Get the New Mexico Recovery System