The absence of Type IIP core-collapse supernovae arising from progenitors above 17 solar masses suggests the existence of another evolutionary path by which massive stars end their lives. The direct collapse of a stellar core to a black hole without the production of a bright, explosive transient is expected to produce a long-lived, dim, red transient known as a failed supernova. Despite the detection of a number of candidates for disappearing massive stars in recent years, conclusive observational evidence for failed supernovae remains elusive. A custom-built pipeline designed for the detection of faint transients is used to re-analyse 10 years of observations of 231 nearby galaxies from the PTF/ZTF surveys. This analysis recovers known supernovae, and yields a number of interesting transients. However, none of these are consistent with a failed supernova. Through Monte Carlo tests the recovery efficiency of our pipeline is quantified. By assuming failed supernovae occur as a Poissonian process with zero detections in the data set, 95 per cent upper limits to the rate of failed supernovae are calculated as a function of failed supernova absolute magnitude. We estimate failed supernovae to be less than 0.61, 0.33, 0.26, or 0.23 of the core-collapse SN rate for absolute magnitudes of −11, −12, −13, and −14 respectively. Finally, we show that if they exist, the Vera C. Rubin Observatory will find 1.7 -3.7 failed SNe per year for an absolute bolometric luminosity of ∼ 6 × 10 39 erg s −1 out to distances of 33 -43 Mpc, depending on their assumed spectral energy distribution.