How much can a landlord charge for a late rent fee in New Mexico?

In New Mexico, a late fee may not exceed 5% of the rent for each rental period the tenant is in default. The limit was cut from 10% to 5% by Laws 2025, chapter 122 (SB 267), effective 20 June 2025. A late fee is calculated on the rent alone — not deposits, other fees or utilities — and must be notified by the end of the next rental period. This is N.M. Stat. § 47-8-15.

WhatNew Mexico
Maximum late fee5% of the rent for each rental period the tenant is in default

Notes

The limit was cut from 10% to 5% by Laws 2025, chapter 122 (SB 267), effective 20 June 2025. A late fee is calculated on the rent alone — not deposits, other fees or utilities — and must be notified by the end of the next rental period.

Source

N.M. Stat. § 47-8-15

Read the statute in the New Mexico Statutes (New Mexico Compilation Commission): nmonesource.com.

The linked sections open Justia’s free copy of the code, because the state’s own site has no stable address for each section.

Checked against the statute on September 11, 2026.

This is a summary of a published statute, not legal advice. Rules change, local ordinances can add to them, and the terms of a specific lease may differ. Check the citation and speak to a lawyer before acting.

How Seayora uses this rule

Seayora charges only the late fee written into the lease, after the grace period the lease sets, and adds no late fee of its own. This page states the statutory ceiling and waiting period so the terms of a lease can be checked against them before it is signed.

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