Grab a FREE New Mexico month-to-month residential lease agreement sample and read further about required lease disclosures in New Mexico, state laws on raising rent, and how much notice is needed to terminate month-to-month leases in New Mexico.
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What is a New Mexico Month-to-Month Lease?
When a tenant needs more flexibility than is offered in a fixed-term lease, they can choose to get a month-to-month rental agreement instead. This is an excellent option for someone who is only staying in the area for a few months, or they are planning to get a more permanent living situation soon, and they do not want to commit to the terms of a lease that is a year or longer. With this type of lease, the terms are set for a single month, and when the month his over, it will typically automatically renew with the same agreed upon terms.
New Mexico Requirements for a Month-to-Month Lease Termination
If either party who has signed the rental agreement wishes to terminate it at the end of the month, they will easily be able to do so. In this state, both the tenant and the landlord are required to give a 30-day notice to the other party to vacate the unit. The tenant will have 30 days to find another place to live if they receive the notice, and the landlord will have the same amount of time to find another tenant for the space once it is vacant. The notice should be sent as a certified letter so that the party that posted it can verify when it was received. The period of 30-days does not begin until the letter has been received.
Raising the Rent in New Mexico
One of the reasons that this type of rental agreement is beneficial to a landlord is that they can easily increase the rent without being required to wait until the term of the rental period is over. However, to raise the rent in New Mexico, the landlord will need to provide the tenant with a 30-day notice before they can expect to be paid the new rental amount. There is not a limitation on the number of times that the rent can be raised in a year or by how much, so as long as the notice is sent, it will be increased after the 30 day period.