diff --git a/esphome/const.py b/esphome/const.py
index 659531ee7b..a650954a95 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -2,7 +2,7 @@
 
 MAJOR_VERSION = 1
 MINOR_VERSION = 16
-PATCH_VERSION = '0b2'
+PATCH_VERSION = '0b3'
 __short_version__ = f'{MAJOR_VERSION}.{MINOR_VERSION}'
 __version__ = f'{__short_version__}.{PATCH_VERSION}'