diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index ed709d848b..6f89df0db9 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -1112,7 +1112,7 @@ def _get_nested_class(self, nested_depth, relation_info):
         class NestedSerializer(ModelSerializer):
             class Meta:
                 model = relation_info.related
-                depth = nested_depth
+                depth = nested_depth - 1
 
         return NestedSerializer
 
@@ -1139,6 +1139,6 @@ def _get_nested_class(self, nested_depth, relation_info):
         class NestedSerializer(HyperlinkedModelSerializer):
             class Meta:
                 model = relation_info.related
-                depth = nested_depth
+                depth = nested_depth - 1
 
         return NestedSerializer