Yes it should, because normal wear and tear will wear it out.
The general life expectancy of carpeting is between 7-10 years.
This info is from the California Department of Consumer Affairs, and is based on what can be deducted from a tenant's security deposit, but the same logic applies to a tenant who stays put:
SUGGESTED APPROACHES TO SECURITY DEPOSIT DEDUCTIONS
2. Carpets and drapes - "useful life" rule
Normal wear and tear to carpets, drapes and other furnishings cannot be charged against a tenant's security deposit. Normal wear and tear includes simple wearing down of carpet and drapes because of normal use or aging, and includes moderate dirt or spotting. In contrast, large rips or indelible stains justify a deduction from the tenant's security deposit for repairing the carpet or drapes, or replacing them if that is reasonably necessary.
One common method of calculating the deduction for replacement prorates the total cost of replacement so that the tenant pays only for the remaining useful life of the item that the tenant has damaged or destroyed. For example, suppose a tenant has damaged beyond repair an eight-year-old carpet that had a life expectancy of ten years, and that a replacement carpet of similar quality would cost $1,000. The landlord could properly charge only $200 for the two years' worth of life (use) that would have remained if the tenant had not damaged the carpet.
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.