Legal Question in Real Estate Law in Ohio
Ohio rental laws - security deposit and damages.
I moved out of a rental, and feel the landlord is committing illegal forfeiture of my security deposit return. Is it true that my deposit is supposed to have accrued 5% interest per year, which is then returned to me? Also, he is trying to charge me $450 for one room of new carpeting due to damage, and I have read that I should only be liable for the remaining life expectancy of 10 years, which would be 4.5 years. If this is the case, would the same apply for a new laminate floor in the kitchen?
1 Answer from Attorneys
Re: Ohio rental laws - security deposit and damages.
Only the portion of a security deposit that exceeds one month's rent accrues interest. Courts ordinarily consider the remaining useful life of damaged items being replaced.