diff --git a/.pre-commit-config.yaml b/.pre-commit-config.yaml
index 64ec37770..8bb131a04 100644
--- a/.pre-commit-config.yaml
+++ b/.pre-commit-config.yaml
@@ -13,7 +13,7 @@ repos:
   hooks:
   - id: isort
 - repo: https://github.com/PyCQA/flake8
-  rev: 3.9.0
+  rev: 5.0.0
   hooks:
   - id: flake8
     additional_dependencies:
diff --git a/rest_framework/compat.py b/rest_framework/compat.py
index 7e80704e1..e4293cebf 100644
--- a/rest_framework/compat.py
+++ b/rest_framework/compat.py
@@ -82,7 +82,7 @@ try:
         )
         md_filter_add_syntax_highlight(md)
         return md.convert(text)
-except ImportError:
+except (ImportError, AttributeError):
     apply_markdown = None
     markdown = None