New Mexico has generally been seen as a balanced state with respect to landlord tenant laws. This can be shown by parts protecting tenants from owners taking security deposits, turning off utilities, locking out a tenant and not giving proper notice. To protect owners, New Mexico allows for straight forward legal procedings to terminate a lease and, if necessary, evict a tenant for not paying rent or violating the lease.
Due to Covid and due to pressure from attorneys, there are proposals to make New Mexico among the most tenant friendly in the US. Lengthened notice timeframes. allowing potentiall frivolous lawsuits, not allowing an owner to take possession of property, even if tenant hasn’t paid rent and their lease is expired, are part of recent proposals. Other clauses may require landlords to rent to people who may not meet income or credit requirements. We can assume that some of these items will pass as the environment is moving in that direction.
We at Real Property Management Rio Grande understand the impact of these laws on owners and how we can protect your investment. As always, we will follow all laws and fair housing requirements and never discriminate against anyone who wants to rent from us. We are working with attorneys to implement lease clauses and practices similar to states like New York, California and Oregon. Unfortunately for tenants, this will potentially include fees, last months rent collection, stricter application criteria, and stricter termination clauses in leases. We need to do this to meet the criteria set by New Mexico government which limits the ability to restore property from the tenant to the owner. States with these laws also have higher rents and rental property is more scarce which is bad for tenants but good for owners investment returns.
The end result to the owner is more expertise and details are required to complying with the law BUT the rents and total return to the owner will increase. Hiring a professional property manager like Real Property Management Rio Grande is required to increase the return and to manage the bureaucracy related to landlord tenant law.
For tenants we will continue to provide professional service and property maintenance, online payment and lease management, and again we always follow ALL legal requirements and fair housing laws.
To find out more about how we provide expertise in this changing environment to help you be succesful. Please call us at 505-292-4765.
Real Property Management Rio Grande
www.rpmriogrande.com
Albuquerque Property Management
Eviction, Laws, Leases, Rental Property Management