Mother has rented the same house in Dayton Ohio, for 40 yrs, her deposit was $150.00, what will her return be?

Question

We are thinking about our Mother moving out of her house that she has lived in for 40 yrs. deposit was $150.00, we need to know what her return will be?

Answer 1

Everything is "normal wear and tear" after 40 years, I would expect her to receive the 150.

Answer 2

Without knowing the rent we can't figure it out legally speaking.

Short answer:  Rent is $100 per month and the deposit is $150, 5% interest is due the tenant on the $50 excess, which would amount to $2.50 per year. She gets $150 + $120 = $270... Unless rent inceases eat into the 'excess' interest bearing amount

Rent is $150 per month and the deposit is $150, 5% interest is due the tenant on the $0 excess, which would amount to $0 per year. She gets $150

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Both sources below do not mention interest calculation method. The example  uses simple interest (Same amount every year on original amount), not compounded (Interest on original amount + previous interest.)

Neither address cases where the rent increased part way through (as no doubt happened over 40 years)

As others have said... It will depend on the landlords consideration about what repairs are required , and how much good will there is between everyone. Normal wear and tear cannot be deducted

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The landlord may require any amount for a security deposit. However the landlord has to pay the tenant 5% interest per year on the amount of the deposit that exceeds one month's rent. For this interest to apply, the deposit must be greater than $50 and the tenant must live in the unit for at least six months.

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http://codes.ohio.gov/orc/5321

5321.16 Procedures for security deposits.

(A) Any security deposit in excess of fifty dollars or one month’s periodic rent, whichever is greater, shall bear interest on the excess at the rate of five per cent per annum if the tenant remains in possession of the premises for six months or more, and shall be computed and paid annually by the landlord to the tenant.

(B) Upon termination of the rental agreement any property or money held by the landlord as a security deposit may be applied to the payment of past due rent and to the payment of the amount of damages that the landlord has suffered by reason of the tenant’s noncompliance with section 5321.05 of the Revised Code or the rental agreement. Any deduction from the security deposit shall be itemized and identified by the landlord in a written notice delivered to the tenant together with the amount due, within thirty days after termination of the rental agreement and delivery of possession. The tenant shall provide the landlord in writing with a forwarding address or new address to which the written notice and amount due from the landlord may be sent. If the tenant fails to provide the landlord with the forwarding or new address as required, the tenant shall not be entitled to damages or attorneys fees under division (C) of this section.

(C) If the landlord fails to comply with division (B) of this section, the tenant may recover the property and money due him, together with damages in an amount equal to the amount wrongfully withheld, and reasonable attorneys fees.

Answer 3

$150.  

Answer 4

she wont get anything unless the landlord gives it back to her because she was such a good tenent.  150 is not that much, but im 100% sure that there is going to be alot of stuff to fix after 40 years that will cost 150 dollars.

Answer 5

I think he is talking about the annual interest the landlord has to pay on the deposit. It is compound interest at 3% in most places, so, 150x1.03 and times that by 1.03 for the second year and so on. There are some compound interest calculators around the internet to help you figure it out

Answer 6

If normal wear and tear, than the whole $150 should be returned.  However, if more wear and tear than is normal, then the repairs will be deducted from that $150.... making the most likely return $0.  I would think a landlord would, out of courtesy, return the entire deposit just for staying 40 years - unless she burned down his house.

Answer 7

If she was there 40 years she must have been an excellent tenant. I bet their sorry to see her leave. She should get her full $150 back and maybe a little interest to with it. She deserves it

Answer 8

150

Answer 9

$150.  And if you don't get it back you should go to small claims court and sue the landlord.