diff --git a/synapse/__init__.py b/synapse/__init__.py
index 1fa2de5268..354415e5c6 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -16,4 +16,4 @@
 """ This is a reference implementation of a Matrix home server.
 """
 
-__version__ = "0.27.3"
+__version__ = "0.27.3-rc1"