New Mexico Security Deposit Limit
1 month's rent (leases under 1 year)New Mexico generally caps residential security deposits at 1 month's rent (leases under 1 year) — the cap is not uniform. A lease demanding more than the cap that covers your situation may be unenforceable — the FAQ below covers the exact conditions.
Educational information: generated from our New Mexico law database (last updated 2024-01-01). Not legal advice.
How New Mexico compares
30 of 51 US jurisdictions cap security deposits by statute; the other 21 set no statewide cap (local caps can still apply in some cities). Here is how New Mexico compares with other states in our database.
| State | Security Deposit Limit |
|---|---|
| New Mexico | 1 month's rent (leases under 1 year) |
| New York | 1 month's rent |
| North Carolina | 2 months' rent (varies by tenancy length) |
| North Dakota | 1 month's rent (unfurnished units) |
| Ohio | no statutory limit |
Frequently asked questions
- How much can a landlord charge for a security deposit in New Mexico?
- New Mexico generally limits security deposits to 1 month's rent (leases under 1 year). Maximum 1 month rent for leases under 1 year. No limit for 1 year+ leases but interest required on amount exceeding 1 month. Return within 30 days. Bad faith retention: $250 penalty.
- Does New Mexico require landlords to pay interest on security deposits?
- Yes — New Mexico requires landlords to pay interest on held security deposits (amounts over 1 month on longer leases). It is one of 14 US jurisdictions with an interest requirement.
- How long does a landlord have to return a security deposit in New Mexico?
- New Mexico landlords generally must return the deposit within 30 days after move-out.
Check Your Lease Against New Mexico Law
Not sure whether your lease complies with New Mexico law? Upload it and our analyzer flags problem clauses — deposit terms, entry rights, fees and prohibited provisions — using the same statute-backed database this page is generated from.
Analyze My Lease FreeEducational tool — not legal advice. First analysis is free, no signup required.
More New Mexico lease law guides
Educational information generated from state statute data — not legal advice. Consult a licensed attorney in New Mexico for your specific situation.