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Rental Application – The Landlord can request a rental application from Tenants to verify the financial credentials. Once approved, both parties can sign the lease.
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Most Recent US Home Facts
- Population (2023): 334,914,895
- Median Households (2022): 125,736,353
- Median Household Income (2022): $75,149
- Owner-occupied Households (2022): 64.8%
Source: U.S. Census Bureau
Association of Realtors Version
REALTORS® ASSOCIATION OF NEW MEXICO RESIDENTIAL RENTAL AGREEMENT
What to include in a New Mexico Residential Lease Agreement?
Required Disclosure Forms under State and Federal Laws
Security Deposit Requirements in New Mexico
Maximum – Amount should be reasonable.
Return – 30 days from the lease end date.
Return – 30 days from the lease end date.
Source: § 47-8-18(A)
Paying Rent and Late Fees
Grace Period – No grace period in New Mexico.
Maximum Late Rent Fee – 10% of the total rent payment for the period of the late rent amount.
Source: § 47-8-15(D)
Landlord Entry
24-hours (1 day) must be given to Tenants before entering the rental unit for any non-emergency reason.
Source: § 47-8-24(A)(1)