New Mexico Security Deposit Law
New Mexico rules on security deposits for renters and landlords, with the statute or official page behind each answer. Last verified: 2026-10-22.
Short answer: No cap for leases of one year or more (but if the deposit exceeds one month's rent on an annual lease, the owner must pay annual interest). For rental agreements shorter than one year: max one month's rent. NMSA 1978, § 47-8-18(A)
The rules in New Mexico
| Security deposit limit | No cap for leases of one year or more (but if the deposit exceeds one month's rent on an annual lease, the owner must pay annual interest). For rental agreements shorter than one year: max one month's rent. Statute permits a 'reasonable deposit'. Last month's prepaid rent is not counted as a deposit (§ 47-8-18(B)). NMOneSource pages are rendered by JavaScript; section text was read in a browser on the official Compilation Commission site. Source: NMSA 1978, § 47-8-18(A) |
|---|---|
| Deposit return deadline | Within 30 days of the end of the rental agreement or the resident's departure, whichever is later Owner complies by mailing the statement and any payment to the resident's last known address. Source: NMSA 1978, § 47-8-18(C) |
| Itemized deductions | If any amount is kept, the owner must give an itemized written list of deductions and the balance within 30 days. No deductions for normal wear and tear; allowed for unpaid rent/utilities, repair work and other legitimate damages from the resident's noncompliance. Source: NMSA 1978, § 47-8-18(C) |
| Interest on deposits | Required only on annual leases where the deposit exceeds one month's rent: owner must pay interest annually equal to the passbook rate permitted to savings and loan associations by the federal home loan bank board. Source: NMSA 1978, § 47-8-18(A)(1) |
| Penalty for withholding | Missing the 30-day statement: owner forfeits the right to withhold any part of the deposit, to counterclaim in a suit to recover it, and to sue separately for property damage, and owes the resident's court costs and reasonable attorney's fees. Bad-faith retention: additional $250 civil penalty payable to the resident. See Garcia v. Thong, 1995-NMSC-030 (annotation on the official page). Source: NMSA 1978, § 47-8-18(D)-(E) |
Free calculators
- Security Deposit Deadline Calculator — See when your landlord must return your deposit, and the penalty your state sets if they don't.
Related questions
- How long does a landlord have to return a security deposit?
- How much can a landlord charge for a security deposit?
- What can a landlord charge for at move-out (cleaning, painting, carpet)?
New Mexico vs. neighboring states
| State | Security deposit limit | Deposit return deadline | Itemized deductions |
|---|---|---|---|
| New Mexico | No cap for leases of one year or more (but if the deposit exceeds one month's rent on an annual lease, the owner must pay annual interest). For rental agreements shorter than one year: max one month's rent. NMSA 1978, § 47-8-18(A) | Within 30 days of the end of the rental agreement or the resident's departure, whichever is later NMSA 1978, § 47-8-18(C) | If any amount is kept, the owner must give an itemized written list of deductions and the balance within 30 days. No deductions for normal wear and tear; allowed for unpaid rent/utilities, repair work and other legitimate damages from the resident's noncompliance. NMSA 1978, § 47-8-18(C) |
| Arizona | One and one-half months' rent, counting all security however labeled, including prepaid rent. A tenant may still voluntarily prepay more rent. A.R.S. § 33-1321(A) | Within 14 days, excluding Saturdays, Sundays, and legal holidays, after the tenancy ends, possession is delivered, and the tenant demands the deposit. A.R.S. § 33-1321(D) | The landlord must provide an itemized list of all deductions together with any amount due to the tenant. Deductions may cover rent, charges specified in the signed lease (subject to the duty to mitigate), and damages from the tenant's noncompliance with § 33-1341. If the tenant does not dispute the deductions within 60 days after mailing, the list becomes final and further claims are waived. A.R.S. § 33-1321(D) |
| Colorado | Two monthly rent payments. A separate pet deposit may be no more than $300 and must be refundable. Monthly pet rent may be no more than the greater of $35 or 1.5% of monthly rent. C.R.S. §§ 38-12-102.5, 38-12-106 | Within 30 days after the lease ends or the premises are surrendered, whichever is later. The lease may set a longer period, up to 60 days. C.R.S. § 38-12-103(1) (as amended by HB 25-1249) | A written statement listing the exact reasons for any amount kept, sent with the balance. Deductions are allowed only for nonpayment of rent, utility charges, other lawful charges listed in the lease, and necessary repairs for damage beyond normal wear and tear that did not exist before the tenancy. If the tenant asks in writing within 14 days after receiving the statement, the landlord must provide relevant documentation (photos, inspection reports, receipts, invoices, estimates). Either party may request a walk-through inspection before move-out. C.R.S. § 38-12-103(1), (1.5), (8) (as amended by HB 25-1249) |
| Oklahoma | No statutory cap on the amount of a security deposit. 41 O.S. § 115 | 45 days after the tenancy ends, possession is delivered AND the tenant makes a written demand for the deposit. 41 O.S. § 115(B) | Deductions (accrued rent and damages from tenant noncompliance) must be itemized in a written notice delivered to the tenant by mail with return receipt requested or in person if the tenant can reasonably be found. 41 O.S. § 115(B) |
| Texas | No statutory cap. Tex. Prop. Code ch. 92, subch. C (92.101-92.113) | On or before the 30th day after the tenant surrenders the premises. Tex. Prop. Code Sec. 92.103(a) | Required: written description and itemized list of all deductions, with the balance of the deposit. No deductions for normal wear and tear. Not required if the tenant owes rent at surrender and there is no dispute about the amount owed. Tex. Prop. Code Sec. 92.104 |
| Utah | No statutory cap. Utah Code 57-17-1 to 57-17-5 | No later than 30 days after the renter vacates and returns possession. If the owner misses it, the renter may serve a statutory 'Tenant's Notice to Provide Deposit Disposition', after which the owner has five business days to comply. Utah Code 57-17-3(2)-(5) | Required: written notice itemizing and explaining the reason for each deduction, with the balance of the deposit and any prepaid rent. Deductions allowed for rent, damage beyond reasonable wear and tear, other contractual costs and fees, and cleaning. Utah Code 57-17-3(1)-(2) |
City rules that may add to state law
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- New Mexico Subletting, Lease Endings & Tenant Death
- All New Mexico landlord-tenant rules
- Free legal help in New Mexico
Compare security deposits in all 50 states and DC →
New Mexico Security Deposit Law FAQ
How much can a landlord charge for a security deposit in New Mexico?
No cap for leases of one year or more (but if the deposit exceeds one month's rent on an annual lease, the owner must pay annual interest). For rental agreements shorter than one year: max one month's rent. (NMSA 1978, § 47-8-18(A))
How long does a landlord have to return a security deposit in New Mexico?
Within 30 days of the end of the rental agreement or the resident's departure, whichever is later (NMSA 1978, § 47-8-18(C))
Does a landlord in New Mexico have to give an itemized list of deposit deductions?
If any amount is kept, the owner must give an itemized written list of deductions and the balance within 30 days. No deductions for normal wear and tear; allowed for unpaid rent/utilities, repair work and other legitimate damages from the resident's noncompliance. (NMSA 1978, § 47-8-18(C))
Does a landlord have to pay interest on a security deposit in New Mexico?
Required only on annual leases where the deposit exceeds one month's rent: owner must pay interest annually equal to the passbook rate permitted to savings and loan associations by the federal home loan bank board. (NMSA 1978, § 47-8-18(A)(1))
What happens if a landlord in New Mexico wrongfully keeps a security deposit?
Missing the 30-day statement: owner forfeits the right to withhold any part of the deposit, to counterclaim in a suit to recover it, and to sue separately for property damage, and owes the resident's court costs and reasonable attorney's fees. Bad-faith retention: additional $250 civil penalty payable to the resident. (NMSA 1978, § 47-8-18(D)-(E))
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.