Do neodymium magnets rust?

Yes.neodymium magnets are easy to get rusty if there are no processes of preventing from rusting.

There are about 64% of iron composition in neodymium magnets.

They can rust if there are no coating on the neodymium magnets.

Commonly neodymium magnets have three layer of plating(nickel-copper-nickel) on the surface before they leave the factory.

There are some other kinds of coating.such as nickel+epoxy coating.nickel+copper+nickel+epoxy coating.nickel+copper+nickel+Sn coating.More and thicker layer.better corrosion ressisstance.They can pass 48 hours of salt spray test and 120 hours of PCT test.

The neodymium magnets should be used in dry and less relative humidity environment to avoid corrosion.