Can a landlord demand a security deposit more than a month’s rent?
Full Question:
Next week I will be moving to a rented house in New Mexico for some official purposes. My landlord is demanding a security deposit greater than one month’s rent. I will be staying in this rental property only for 8 months. Can a landlord demand a security deposit more than a month’s rent?
01/04/2017 |
Category: Landlord Ten... » Security Dep... |
State: New Mexico |
#29420
Answer:
N.M. Stat. Ann. § 47-8-18 reads:
“(2) Under the terms of a rental agreement of a duration less than one year, an owner shall not demand or receive from the resident such a deposit in an amount in excess of one month's rent.”
The landlord may not be permitted to demand a security deposit more than a month’s rent, given that the rental agreement is only for 8months(less than a year).
