diff --git a/vertical-pod-autoscaler/common/version.go b/vertical-pod-autoscaler/common/version.go
index a5507db47762..1abe79a65631 100644
--- a/vertical-pod-autoscaler/common/version.go
+++ b/vertical-pod-autoscaler/common/version.go
@@ -17,4 +17,4 @@ limitations under the License.
 package common
 
 // VerticalPodAutoscalerVersion is the version of VPA.
-const VerticalPodAutoscalerVersion = "0.4.0"
+const VerticalPodAutoscalerVersion = "0.5.0"