Under NMSA §47-8-18, Albuquerque landlords may take a security deposit of no more than one month's rent on leases shorter than one year, and must return the deposit with itemized deductions within 30 days of move-out.
The New Mexico Uniform Owner-Resident Relations Act, which applies in Albuquerque, caps security deposits on leases of less than one year at the equivalent of one month's rent (NMSA §47-8-18). Deposits over that amount on shorter leases must accrue interest at the passbook rate. For leases of one year or longer, there is no statutory cap, but reasonableness rules still apply. Landlords must return any unused deposit, with an itemized statement of any deductions for damages or unpaid rent, within 30 days after the tenant vacates. Failure to return the deposit or provide the itemization can forfeit the landlord's right to keep any portion.
Charging an excessive deposit, missing the 30-day return window, or failing to provide an itemized deduction list can let the tenant recover the full deposit plus reasonable attorney fees in a metropolitan court action.
Albuquerque, NM
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Albuquerque, NM
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See how Albuquerque's security deposit rules rules stack up against other locations.
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