New Mexico Month-to-Month Lease Agreement Template
The New Mexico month-to-month lease agreement is used by a landlord and tenant seeking an arrangement where the tenant occupies a residential space on a monthly basis with no end date to the contract. This type of contract is a more relaxed type of tenancy as both parties are not bound to a specific time frame, and either party may cancel the agreement by providing at least thirty (30) days’ notice to the another. The landlord should understand that they will still be subject to the same eviction laws as a standard, fixed-term lease. Therefore, a security deposit should be required at the time of the lease signing. Also, the landlord should ask the tenant to authorize a rental application in order to review their credentials and see if they are fit for a binding contract.
Rent Increase (§ 47-8-15(F)) – Thirty (30) days written notice must be provided when increasing the rent of a monthly tenancy, or if the tenancy is set for less than one (1) month, the landlord must provide a notice period equal to the rental term. For fixed-term tenancies, the landlord must give at least thirty (30) days’ notice before the expiration of the rental contract.