diff --git a/rest_framework/schemas.py b/rest_framework/schemas.py
index 48fb2a392..ac81782a9 100644
--- a/rest_framework/schemas.py
+++ b/rest_framework/schemas.py
@@ -1,3 +1,4 @@
+import os
 import re
 from collections import OrderedDict
 from importlib import import_module
@@ -237,18 +238,63 @@ class SchemaGenerator(object):
         included in the API schema.
         """
         links = OrderedDict()
+
+        # Generate (path, method, view) given (path, method, callback).
+        paths = []
+        view_endpoints = []
         for path, method, callback in self.endpoints:
             view = self.create_view(callback, method, request)
+            if getattr(view, 'exclude_from_schema', False):
+                continue
             path = self.coerce_path(path, method, view)
-            if not self.should_include_view(path, method, view):
+            paths.append(path)
+            view_endpoints.append((path, method, view))
+
+        # Only generate the path prefix for paths that will be included
+        prefix = self.determine_path_prefix(paths)
+
+        for path, method, view in view_endpoints:
+            if not self.has_view_permissions(path, method, view):
                 continue
             link = self.get_link(path, method, view)
-            keys = self.get_keys(path, method, view)
+            subpath = path[len(prefix):]
+            keys = self.get_keys(subpath, method, view)
             insert_into(links, keys, link)
         return links
 
     # Methods used when we generate a view instance from the raw callback...
 
+    def determine_path_prefix(self, paths):
+        """
+        Given a list of all paths, return the common prefix which should be
+        discounted when generating a schema structure.
+
+        This will be the longest common string that does not include that last
+        component of the URL, or the last component before a path parameter.
+
+        For example:
+
+        /api/v1/users/
+        /api/v1/users/{pk}/
+
+        The path prefix is '/api/v1/'
+        """
+        prefixes = []
+        for path in paths:
+            components = path.strip('/').split('/')
+            initial_components = []
+            for component in components:
+                if '{' in component:
+                    break
+                initial_components.append(component)
+            prefix = '/'.join(initial_components[:-1])
+            if not prefix:
+                # We can just break early in the case that there's at least
+                # one URL that doesn't have a path prefix.
+                return '/'
+            prefixes.append('/' + prefix + '/')
+        return os.path.commonprefix(prefixes)
+
     def create_view(self, callback, method, request=None):
         """
         Given a callback, return an actual view instance.
@@ -274,13 +320,10 @@ class SchemaGenerator(object):
 
         return view
 
-    def should_include_view(self, path, method, view):
+    def has_view_permissions(self, path, method, view):
         """
         Return `True` if the incoming request has the correct view permissions.
         """
-        if getattr(view, 'exclude_from_schema', False):
-            return False
-
         if view.request is None:
             return True
 
@@ -291,6 +334,11 @@ class SchemaGenerator(object):
         return True
 
     def coerce_path(self, path, method, view):
+        """
+        Coerce {pk} path arguments into the name of the model field,
+        where possible. This is cleaner for an external representation.
+        (Ie. "this is an identifier", not "this is a database primary key")
+        """
         if not self.coerce_pk or '{pk}' not in path:
             return path
         model = getattr(getattr(view, 'queryset', None), 'model', None)
@@ -461,7 +509,7 @@ class SchemaGenerator(object):
 
     # Method for generating the link layout....
 
-    def get_keys(self, path, method, view):
+    def get_keys(self, subpath, method, view):
         """
         Return a list of keys that should be used to layout a link within
         the schema document.
@@ -478,14 +526,14 @@ class SchemaGenerator(object):
             action = view.action
         else:
             # Views have no associated action, so we determine one from the method.
-            if is_list_view(path, method, view):
+            if is_list_view(subpath, method, view):
                 action = 'list'
             else:
                 action = self.default_mapping[method.lower()]
 
         named_path_components = [
             component for component
-            in path.strip('/').split('/')
+            in subpath.strip('/').split('/')
             if '{' not in component
         ]
 
diff --git a/tests/test_schemas.py b/tests/test_schemas.py
index 330f6f4d5..0a422f078 100644
--- a/tests/test_schemas.py
+++ b/tests/test_schemas.py
@@ -280,3 +280,56 @@ class TestSchemaGenerator(TestCase):
             }
         )
         self.assertEqual(schema, expected)
+
+
+@unittest.skipUnless(coreapi, 'coreapi is not installed')
+class TestSchemaGeneratorNotAtRoot(TestCase):
+    def setUp(self):
+        self.patterns = [
+            url('^api/v1/example/?$', ExampleListView.as_view()),
+            url('^api/v1/example/(?P<pk>\d+)/?$', ExampleDetailView.as_view()),
+            url('^api/v1/example/(?P<pk>\d+)/sub/?$', ExampleDetailView.as_view()),
+        ]
+
+    def test_schema_for_regular_views(self):
+        """
+        Ensure that schema generation with an API that is not at the URL
+        root continues to use correct structure for link keys.
+        """
+        generator = SchemaGenerator(title='Example API', patterns=self.patterns)
+        schema = generator.get_schema()
+        expected = coreapi.Document(
+            url='',
+            title='Example API',
+            content={
+                'example': {
+                    'create': coreapi.Link(
+                        url='/api/v1/example/',
+                        action='post',
+                        fields=[]
+                    ),
+                    'list': coreapi.Link(
+                        url='/api/v1/example/',
+                        action='get',
+                        fields=[]
+                    ),
+                    'retrieve': coreapi.Link(
+                        url='/api/v1/example/{id}/',
+                        action='get',
+                        fields=[
+                            coreapi.Field('id', required=True, location='path')
+                        ]
+                    ),
+                    'sub': {
+                        'list': coreapi.Link(
+                            url='/api/v1/example/{id}/sub/',
+                            action='get',
+                            fields=[
+                                coreapi.Field('id', required=True, location='path')
+                            ]
+                        )
+                    }
+                }
+            }
+        )
+        self.assertEqual(schema, expected)