The proposal was supported by charitable organisations such as the Simon Communities, the Peter McVerry Trust, COPE, Threshold, however Fine Gael and Fianna Fáil rejected the bill.
Sinn Féin Senator Trevor Ó Clochartaigh said: "The parties of auctioneers, developers and speculators joined forces once more to ensure that nothing will be done to implement this modest proposal which is normal in countries across Europe.
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"Our legislation would provide relief and hope for those tenants who were badly let down by the lack of action on housing and the private rental market in yesterday's budget.
"Rent certainty can bring certainty to both tenant and landlord and stabilise the market place. Rents have soared by hundreds of euro in some cases in the last year. Galway has been particularly badly affected.
"Vulture funds are coming in and inflating house prices. People are being turned out on the streets and homeless organisations are finding it impossible to cope with the mushrooming demand on their already stretched services.
"This Sinn Féin Bill would have been a modest, but crucial first step to reforming the private rental sector so that it is sustainable and fair."
(CD/MH)
