New Mexico Rent Increase Laws 2024: Key Facts for Tenants. Since there is no statewide rent regulation in New Mexico in 2024, landlords have a great deal of latitude in determining and raising rents. Tenants should be aware of the following important points:
Rent Increase Regulations
- No Legal Cap on Increases: There is no legal cap on how much a landlord can raise rent. This implies that renters may experience severe financial hardship as a result of increases that are substantial.
- Requirements for Notice:
- Before raising rent on a month-to-month lease, landlords are required to give 30 days’ written notice.
- A seven-day notice period is necessary for weekly leases.
- If a tenant has a fixed-term lease (such as a one-year lease), the landlord is required to provide them notice of any increases at least thirty days prior to the contract’s expiration.
- Frequency of Increases: As long as they follow the notice guidelines, landlords are free to raise rent as frequently as they like. There are no limitations on the frequency of rent increases.
Tenant Protections
Prohibited Reasons for Increases:
Unless specifically permitted in the lease agreement, rent increases cannot take place in the middle of a lease term. Furthermore, it is unlawful to raise rent for discriminatory reasons or in retaliation against renters (for example, for asking for repairs).
Local Ordinances:
Although rent control is illegal throughout the state of New Mexico, some local governments may establish their own laws. Although no significant New Mexico city has implemented such regulations as of yet, tenants should inquire with local authorities to find out if any particular regulations apply in their region.
Summary
Because there are no statewide rent control legislation in New Mexico, tenants should be aware that their safeguards against rent increases are limited. Tenants must be aware of their rights with regard to notice periods and keep up with any local laws that may have an impact on their rental agreements.
