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Free New Mexico Property
Management Agreement Template

Who owns the property, who will manage it, and when the arrangement begins.

Last reviewed September 2026

Written by LawLease Editorial

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New Mexico Property Management Agreement

This Property Management Agreement is built with New Mexico as the governing state. These are the New Mexico landlord-tenant rules that most often bear on it, with the statute for each.

New Mexico rules at a glance

New Mexico rules for a Property Management Agreement
Security deposit limit1 month’s rent for agreements under one year; more is allowed on a 1-year+ lease, but the owner must then pay annual interestNMSA §47-8-18(A)
Deposit return30 days after the later of termination or move-out, with an itemized list of deductionsNMSA §47-8-18(C)
Itemized costsAll costs of the rental — base rent and any fees charged during the term — must be disclosed in plain language and itemized in the published listing (§47-8-19.1). SB 267 also made charging undisclosed fees an unfair trade practice under the Unfair Practices Act.
Deposit forfeitureThe 30-day itemized-statement rule is enforced by total forfeiture of the right to withhold (§47-8-18(D)).
Landlord entry24 hours’ written notice stating the purpose, date and estimated time frameNMSA §47-8-24
Late feesOnly if the lease provides for one; max 5% of the rent per rental period (down from 10% since June 20, 2025)NMSA §47-8-15(D)

Security deposits in New Mexico

New Mexico’s deposit cap depends on the length of the agreement. For a rental agreement of less than one year — including month-to-month and short fixed terms — the owner can’t demand or receive a deposit greater than one month’s rent. On an annual (one-year or longer) agreement the owner may take more, but if the deposit exceeds one month’s rent, the owner must pay the resident interest on it every year at the statutory passbook rate (§47-8-18(A)).

  • Return deadline — Within 30 days after the later of the end of the tenancy or the resident’s departure, the owner must deliver an itemized written list of deductions together with the balance of the deposit (§47-8-18(C)).
  • Forfeiture — Miss the 30-day statement and the owner loses the right to withhold any part of the deposit, can’t counterclaim for damages in the resident’s suit to recover it, and is liable for the resident’s court costs and reasonable attorney’s fees (§47-8-18(D)).
  • Bad-faith penalty — An owner who retains a deposit in bad faith also owes the resident a $250 civil penalty (§47-8-18(E)).
  • Permitted deductions — Deposits may be applied to unpaid rent and to damages the owner suffered because the resident didn’t comply with the agreement or the Act — not to ordinary wear and tear.

Rent, late fees & fee rules

Rent is payable without demand or notice at the time and place the parties agree (§47-8-15). Senate Bill 267, effective June 20, 2025, rewrote the fee rules — leases drafted before then often recite limits the law no longer allows.

  • Late fees — A late fee is allowed only if the rental agreement provides for one, and it can’t exceed 5% of the rent for each rental period the resident is in default. The 5% is calculated on rent alone — not deposits, other fees or utilities — and the owner must give notice of the fee no later than the last day of the next rental period (§47-8-15(D)).
  • Rent increases — In a month-to-month residency the owner must give written notice of an increase at least 30 days before the periodic rental date; for a fixed term, at least 30 days before the term ends. For a periodic residency shorter than a month, notice must come at least one rental period ahead (§47-8-15).
  • Fee increases — Since 2025, raising a recurring fee also requires advance written notice — 60 days for a month-to-month residency (§47-8-19.4).
  • Screening fees — An applicant screening fee is capped at $50, must be refunded if no screening is done, and only one fee may be charged to the same applicant within 90 days (§§47-8-19.2, 47-8-19.3). All rental costs must be itemized in the published listing (§47-8-19.1).
  • Rent control — Cities and counties — including home-rule municipalities — may not enact rent control on privately owned housing (§47-8A-1). A 2025 bill to repeal the ban (SB 216) did not pass.

Landlord entry & access

Generally, the owner may enter only after giving 24 hours’ written notice of the intent to enter, the purpose, and the date and a reasonable estimate of the time frame of the entry (§47-8-24). A phone call or text alone does not satisfy the statute.

Written notice isn’t required when the owner enters to make repairs or provide services the resident requested within the previous seven days, or when accompanied by a public official conducting an inspection or a utility or cable representative. If the resident reasonably proposes another time, the owner should try to accommodate it. Emergency entry is allowed without notice, and the owner may not abuse the right of access to harass the resident (§47-8-24).

Required disclosures in New Mexico

Beyond these, the Uniform Owner-Resident Relations Act itself prescribes few other lease disclosures.

  • Owner and agent identity — At or before the start of the residency the owner must disclose in writing the name, address and telephone number of the owner, any person authorized to manage the premises, and an agent for service of process (§47-8-19).
  • Itemized costs — All costs of the rental — base rent and any fees charged during the term — must be disclosed in plain language and itemized in the published listing (§47-8-19.1). SB 267 also made charging undisclosed fees an unfair trade practice under the Unfair Practices Act.
  • Lead-based paint — Federal lead warning and known-hazard disclosure for housing built before 1978 (42 U.S.C. §4852d).

Tenant protections you can’t waive

  • No waiver of rights — A rental agreement can’t make either party waive or give up rights or remedies under the law (§47-8-16).
  • No retaliation — An owner can’t raise rent, cut services or seek possession because, within the previous six months, the resident complained to a government agency, organized with other residents, or lawfully exercised rights under the Act (§47-8-39).
  • No lockouts or shutoffs — Excluding a resident or interrupting electricity, gas, water, heat or other essential services without a court order is prohibited; the resident may abate 100% of rent for each affected day and recover damages and civil penalties (§47-8-36).
  • Deposit forfeiture — The 30-day itemized-statement rule is enforced by total forfeiture of the right to withhold (§47-8-18(D)).

New Mexico Property Management Agreement FAQs

How much can a landlord charge for a security deposit in New Mexico?

For a rental agreement shorter than one year, no more than one month’s rent. On a lease of one year or longer there’s no fixed cap, but if the deposit exceeds one month’s rent the owner must pay the tenant annual interest at the statutory passbook rate (NMSA §47-8-18(A)).

How long does a landlord have to return a security deposit in New Mexico?

30 days after the later of the end of the tenancy or the tenant moving out, with an itemized list of deductions. Missing the deadline forfeits the right to keep any of it and makes the owner liable for the tenant’s court costs and attorney’s fees (NMSA §47-8-18(C)–(D)).

What is the maximum late fee in New Mexico?

5% of the rent for each rental period the tenant is in default — cut from 10% effective June 20, 2025. The lease must provide for the fee, it’s calculated on rent only, and the owner must notify the tenant of it by the end of the following rental period (NMSA §47-8-15(D)).

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