When a landlord is looking for a tenant for his or her apartment or rental property he or she will use a rental application to not only organize all of the applicant's information in a uniform fashion but will also allow the landlord to fully verify all of the applicant's credentials. Rental applications require the applicant’s personal information, such as their full name, their residential history, their social security number, and their income information. The application goes on to ask more personal questions that touch on previous evictions or past bankruptcies. Although this information is sensitive, it is necessary for the landlord in order to find the most qualified applicant.
According to state law, if a lease is less than 12 months, then the security deposit may be no more than one month's rent. However, if the lease is 12 months or longer, then there is no limit. However, if the landlord decides to collect a security deposit longer than the equivalent of one month's rent, then he or she must pay interest to the tenant every year.
When the tenant’s lease is up and he or she vacates the property, the landlord must return the security deposit within 30 days (N.M.S.A § 47-8-18).