30 Day Notice of Increase in Rent - Fixed Term Tenancy - Residential
New Mexico - Termination of Leases
§47-8-15. Payment of rent.
A. The resident shall pay rent in accordance with the rental
agreement. In the absence of an agreement, the resident shall pay as rent
the fair rental value for the use of the premises and occupancy of the
dwelling unit.
B. Rent is payable without demand or notice at the time and
place agreed upon by the parties. Unless otherwise agreed, rent is
payable at the dwelling unit. Unless otherwise agreed, periodic rent is
payable at the beginning of any term of one month or less and otherwise
in equal monthly installments at the beginning of each monthly period.
The date of one month to the same date of the following month shall constitute a term of one month.
C. Unless the rental agreement fixes a definite term, the
residency is week-to-week in the case of a person who pays weekly rent
and in all other cases month-to-month.
D. If the rental agreement provides for the charging of a
late fee, and if the resident does not pay rent in accordance with the
rental agreement, the owner may charge the resident a late fee in an amount
not to exceed ten percent of the total rent payment for each rental period
that the resident is in default. To assess a late fee, the owner
shall provide notice of the late fee charged no later than the last day
of the next rental period immediately following the period in which the
default occurred.
E. An owner may not assess a fee from the resident for occupancy
of the dwelling unit by a reasonable number of guests for a reasonable
length of time. This shall not preclude charges for use of premises or
facilities other than the dwelling unit by guests.
F. An owner may increase the rent payable by the resident
in a month-to-month residency by providing written notice to the resident
of the proposed increase at least thirty days prior to the periodic rental
date specified in the rental agreement or, in the case of a fixed term
residency, at least thirty days prior to the end of the term. In
the case of a periodic residency of less than one month, written notice
shall be provided at least one rental period in advance of the first rental
payment to be increased.
G. Unless agreed upon in writing by the owner and the resident,
a resident's payment of rent may not be allocated to any deposits or damages.
