diff --git a/docs/source/_static/rest-api.yml b/docs/source/_static/rest-api.yml
index 7de07545..4b71dd97 100644
--- a/docs/source/_static/rest-api.yml
+++ b/docs/source/_static/rest-api.yml
@@ -7,7 +7,7 @@ info:
   license:
     name: BSD-3-Clause
     identifier: BSD-3-Clause
-  version: 5.3.0
+  version: 5.4.0.dev
 servers:
   - url: /hub/api
 security:
diff --git a/jupyterhub/_version.py b/jupyterhub/_version.py
index 300898e8..b2fbd827 100644
--- a/jupyterhub/_version.py
+++ b/jupyterhub/_version.py
@@ -3,7 +3,7 @@
 # Copyright (c) Jupyter Development Team.
 # Distributed under the terms of the Modified BSD License.
 # version_info updated by running `tbump`
-version_info = (5, 3, 0, "", "")
+version_info = (5, 4, 0, "", "dev")
 
 # pep 440 version: no dot before beta/rc, but before .dev
 # 0.1.0rc1
diff --git a/pyproject.toml b/pyproject.toml
index 2c7b4ace..4e6ce596 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -7,7 +7,7 @@ build-backend = "setuptools.build_meta"
 # ref: https://setuptools.pypa.io/en/latest/userguide/pyproject_config.html
 [project]
 name = "jupyterhub"
-version = "5.3.0"
+version = "5.4.0.dev"
 dynamic = ["readme", "dependencies"]
 description = "JupyterHub: A multi-user server for Jupyter notebooks"
 authors = [
@@ -147,7 +147,7 @@ indent_size = 2
 github_url = "https://github.com/jupyterhub/jupyterhub"
 
 [tool.tbump.version]
-current = "5.3.0"
+current = "5.4.0.dev"
 
 # Example of a semver regexp.
 # Make sure this matches current_version before