New Mexico Lease Agreement

A New Mexico lease agreement is a written contract between a landlord (or property manager) and a tenant that explains all the important rental terms—such as rent amount, due date, lease length, and maintenance responsibilities
To be legally valid, the lease must follow Uniform Owner-Resident Relations Act (NM Stat § 47-8 through 47-8-52). This law protects both landlords and tenants by defining their rights and obligations.

Landlords and property managers in New Mexico commonly use a few different types of leases:

• Fixed-Term Lease: Runs for a specific period (for example, 12 months). Rent and terms stay the same until the lease ends.
• Month-to-Month Rental Agreement: Automatically renews every month until either party gives at least 30 days’ written notice to terminate or modify the lease (NM Stat § 47-8-15(F) and § 47-8-37(B)).
• Sublease Agreement: Allows an existing tenant to rent out the property to another person (a “subtenant”) — but only with the landlord’s written approval.
• Commercial Lease: Used for business properties like offices or storefronts (governed by separate commercial leasing laws).

To make a New Mexico lease agreement legally compliant, be sure to include the following details:

• Tenant and Landlord Names: Full legal names of everyone involved.
• Property Address: Full legal address and unit details.
• Lease Term: Start and end dates, along with renewal or termination terms.
• Rent Details: Monthly rent amount, due date, payment methods, and late fee policies.
• Security Deposit Terms: Deposit amount, refund policy, deductions (NM Stat § 47-8-18).
  The security-deposit amount, which cannot exceed one months’ rent
  The landlord must return the deposit within 30 days after the tenant moves out, along with an itemized list of deductions.
• New Mexico Required Disclosures:
  Lead-based paint disclosures (for properties built before 1978)
• Signatures of both parties: Both landlord and tenant must sign and date the lease.

The main difference is the duration, flexibility, and legal obligations under New Mexico law:

• Lease Agreement: Usually covers a fixed term (for example, one year). Rent and terms can’t change until the lease ends, unless both sides agree in writing.
• Rental Agreement (Month-to-Month): Typically runs month-to-month and renews automatically. Either party can end it with 30 days’ written notice (NM Stat § 47-8-37(B)), and landlords can adjust terms for the next month if they give proper notice (NM Stat § 47-8-15(F)).

No, under New Mexico’s Uniform Owner-Resident Relations Act (NM Stat § 47-8), a landlord cannot increase rent during a fixed-term lease unless the lease specifically allows it.
For month-to-month leases, landlords may raise rent or change other terms, but must give the tenant at least 30 days’ written notice before the next rental period begins (NM Stat § 47-8-15(F)).

If a tenant ends their lease early in New Mexico, they may still be financially responsible for paying rent until the lease term ends or until the landlord finds a new tenant.
Under New Mexico’s Uniform Owner-Resident Relations Act (NM Stat § 47-8-6) landlords must make reasonable efforts to re-rent the property to reduce financial loss—this is called “mitigating damages.”

In New Mexico, lease renewal or termination depends on the type of tenancy:

Fixed-Term Lease:
Ends automatically on the stated end date unless both parties agree to renew. Renewals should always be done in writing, either through a new lease or a signed addendum. A tenant or landlord cannot terminate a fixed-term lease early without mutual consent unless there’s a legal reason.

Month-to-Month Lease:
Automatically renews each month until someone gives proper notice. Either landlord or tenant can end the agreement with 30 days’ written notice before the next rental period begins (NM Stat § 47-8-37(B)).

Yes, a New Mexico lease agreement can be modified after signing, but only if both the landlord and tenant agree in writing.
Any changes should be added as a lease addendum that clearly describes what’s being modified (for example, a rent change, pet policy, or added occupant). Both parties must sign and date the addendum to make it legally binding and must comply with New Mexico’s Uniform Owner-Resident Relations Act (NM Stat § 47-8).