diff --git a/CHANGELOG.md b/CHANGELOG.md
index f3fdc9c5f2..cfa94fbed1 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -13,7 +13,7 @@ When updating the changelog, remember to be very clear about what behavior has c
 and what APIs have changed, if applicable.
 
 ## [Unreleased]
-## [29.48.0] - 2023-11-13
+## [29.48.0-rc.1] - 2023-11-13
 - Fix dual-read potential risk that newLb may impact oldLb
 
 ## [29.47.0] - 2023-11-13
@@ -5562,8 +5562,8 @@ patch operations can re-use these classes for generating patch messages.
 
 ## [0.14.1]
 
-[Unreleased]: https://github.com/linkedin/rest.li/compare/v29.48.0...master
-[29.48.0]: https://github.com/linkedin/rest.li/compare/v29.47.0...v29.48.0
+[Unreleased]: https://github.com/linkedin/rest.li/compare/v29.48.0-rc.1...master
+[29.48.0-rc.1]: https://github.com/linkedin/rest.li/compare/v29.47.0...v29.48.0-rc.1
 [29.47.0]: https://github.com/linkedin/rest.li/compare/v29.46.9...v29.47.0
 [29.46.9]: https://github.com/linkedin/rest.li/compare/v29.46.8...v29.46.9
 [29.46.8]: https://github.com/linkedin/rest.li/compare/v29.46.7...v29.46.8
diff --git a/gradle.properties b/gradle.properties
index ec4d20ea21..2175149db7 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -1,4 +1,4 @@
-version=29.48.0
+version=29.48.0-rc.1
 group=com.linkedin.pegasus
 org.gradle.configureondemand=true
 org.gradle.parallel=true