diff --git a/packages/react-hot-loader/src/global/modules.js b/packages/react-hot-loader/src/global/modules.js
index d35237272..cb0a0549a 100644
--- a/packages/react-hot-loader/src/global/modules.js
+++ b/packages/react-hot-loader/src/global/modules.js
@@ -2,6 +2,17 @@ import logger from '../logger'
 
 const openedModules = {}
 
+const hotModules = {}
+
+const createHotModule = () => ({ instances: [], updateTimeout: 0 })
+
+export const hotModule = moduleId => {
+  if (!hotModules[moduleId]) {
+    hotModules[moduleId] = createHotModule()
+  }
+  return hotModules[moduleId]
+}
+
 export const isOpened = sourceModule =>
   sourceModule && !!openedModules[sourceModule.id]
 
diff --git a/packages/react-hot-loader/src/hot.dev.js b/packages/react-hot-loader/src/hot.dev.js
index 7e267b46b..329e85896 100644
--- a/packages/react-hot-loader/src/hot.dev.js
+++ b/packages/react-hot-loader/src/hot.dev.js
@@ -3,7 +3,7 @@ import hoistNonReactStatic from 'hoist-non-react-statics'
 import { getComponentDisplayName } from './internal/reactUtils'
 import AppContainer from './AppContainer.dev'
 import reactHotLoader from './reactHotLoader'
-import { isOpened as isModuleOpened } from './global/modules'
+import { isOpened as isModuleOpened, hotModule } from './global/modules'
 import logger from './logger'
 
 /* eslint-disable camelcase, no-undef */
@@ -19,18 +19,19 @@ const createHoc = (SourceComponent, TargetComponent) => {
   return TargetComponent
 }
 
-const makeHotExport = (sourceModule, getInstances) => {
-  const updateInstances = () =>
-    setTimeout(() => {
-      if (sourceModule.id) {
-        try {
-          requireIndirect(sourceModule.id)
-        } catch (e) {
-          // just swallow
-        }
+const makeHotExport = sourceModule => {
+  const updateInstances = () => {
+    const module = hotModule(sourceModule.id)
+    clearTimeout(module.updateTimeout)
+    module.updateTimeout = setTimeout(() => {
+      try {
+        requireIndirect(sourceModule.id)
+      } catch (e) {
+        // just swallow
       }
-      getInstances().forEach(inst => inst.forceUpdate())
+      module.instances.forEach(inst => inst.forceUpdate())
     })
+  }
 
   if (sourceModule.hot) {
     // Mark as self-accepted for Webpack
@@ -51,8 +52,16 @@ const makeHotExport = (sourceModule, getInstances) => {
 }
 
 const hot = sourceModule => {
-  let instances = []
-  makeHotExport(sourceModule, () => instances)
+  if (!sourceModule || !sourceModule.id) {
+    // this is fatal
+    throw new Error(
+      'React-hot-loader: `hot` could not found the `id` property in the `module` you have provided',
+    )
+  }
+  const moduleId = sourceModule.id
+  const module = hotModule(moduleId)
+  makeHotExport(sourceModule)
+
   // TODO: Ensure that all exports from this file are react components.
 
   return WrappedComponent => {
@@ -60,29 +69,27 @@ const hot = sourceModule => {
     reactHotLoader.register(
       WrappedComponent,
       getComponentDisplayName(WrappedComponent),
-      `RHL${sourceModule.id}`,
+      `RHL${moduleId}`,
     )
 
     return createHoc(
       WrappedComponent,
       class ExportedComponent extends Component {
         componentWillMount() {
-          instances.push(this)
+          module.instances.push(this)
         }
 
         componentWillUnmount() {
           if (isModuleOpened(sourceModule)) {
             const componentName = getComponentDisplayName(WrappedComponent)
             logger.error(
-              `React-hot-loader: Detected AppContainer unmount on module '${
-                sourceModule.id
-              }' update.\n` +
+              `React-hot-loader: Detected AppContainer unmount on module '${moduleId}' update.\n` +
                 `Did you use "hot(${componentName})" and "ReactDOM.render()" in the same file?\n` +
                 `"hot(${componentName})" shall only be used as export.\n` +
                 `Please refer to "Getting Started" (https://github.com/gaearon/react-hot-loader/).`,
             )
           }
-          instances = instances.filter(a => a !== this)
+          module.instances = module.instances.filter(a => a !== this)
         }
 
         render() {
diff --git a/packages/react-hot-loader/test/hot.dev.test.js b/packages/react-hot-loader/test/hot.dev.test.js
index 45fb77979..7bc8a2452 100644
--- a/packages/react-hot-loader/test/hot.dev.test.js
+++ b/packages/react-hot-loader/test/hot.dev.test.js
@@ -1,9 +1,10 @@
-import React from 'react'
+import React, { Component } from 'react'
 import { mount } from 'enzyme'
 import {
   enter as enterModule,
   leave as leaveModule,
   isOpened,
+  hotModule,
 } from '../src/global/modules'
 import hot from '../src/hot.dev'
 import logger from '../src/logger'
@@ -34,6 +35,7 @@ describe('hot (dev)', () => {
     }
 
     hot(sourceModule)
+    expect(hotModule(sourceModule.id).instances.length).toBe(0)
     expect(sourceModule.hot.accept).toHaveBeenCalledTimes(1)
     expect(sourceModule.hot.addStatusHandler).toHaveBeenCalledTimes(1)
   })
@@ -61,19 +63,61 @@ describe('hot (dev)', () => {
     wrapper.unmount()
   })
 
+  it('should redraw component on HRM', done => {
+    const callbacks = []
+    const sourceModule = {
+      id: 'error42',
+      hot: {
+        accept(callback) {
+          callbacks.push(callback)
+        },
+      },
+    }
+    const spy = jest.fn()
+    enterModule(sourceModule)
+
+    class MyComponent extends Component {
+      render() {
+        spy()
+        return <div>42</div>
+      }
+    }
+
+    const HotComponent = hot(sourceModule)(MyComponent)
+    hot(sourceModule)(MyComponent)
+    mount(<HotComponent />)
+    expect(spy).toHaveBeenCalledTimes(1)
+
+    expect(callbacks.length).toBe(2)
+    callbacks.forEach(cb => cb())
+    expect(spy).toHaveBeenCalledTimes(1)
+    setTimeout(() => {
+      expect(spy).toHaveBeenCalledTimes(3)
+      done()
+    }, 1)
+  })
+
   it('should trigger error in unmount in opened state', () => {
-    const sourceModule = { id: 'error42' }
+    const sourceModule = { id: 'error42_unmount' }
     enterModule(sourceModule)
     const Component = () => <div>123</div>
     const HotComponent = hot(sourceModule)(Component)
-    const wrapper = mount(<HotComponent />)
-    wrapper.unmount()
+    expect(hotModule(sourceModule.id).instances.length).toBe(0)
+    const wrapper1 = mount(<HotComponent />)
+    const wrapper2 = mount(<HotComponent />)
+    expect(hotModule(sourceModule.id).instances.length).toBe(2)
+    wrapper1.unmount()
+    expect(hotModule(sourceModule.id).instances.length).toBe(1)
+
     expect(logger.error).toHaveBeenCalledTimes(1)
     expect(logger.error)
-      .toHaveBeenCalledWith(`React-hot-loader: Detected AppContainer unmount on module 'error42' update.
+      .toHaveBeenCalledWith(`React-hot-loader: Detected AppContainer unmount on module 'error42_unmount' update.
 Did you use "hot(Component)" and "ReactDOM.render()" in the same file?
 "hot(Component)" shall only be used as export.
 Please refer to "Getting Started" (https://github.com/gaearon/react-hot-loader/).`)
+
+    wrapper2.unmount()
+    expect(hotModule(sourceModule.id).instances.length).toBe(0)
   })
 
   it('it should track module state', () => {