diff --git a/rest_framework/relations.py b/rest_framework/relations.py
index c6eb92a24..c1898d0d8 100644
--- a/rest_framework/relations.py
+++ b/rest_framework/relations.py
@@ -37,14 +37,21 @@ class Hyperlink(six.text_type):
     We use this for hyperlinked URLs that may render as a named link
     in some contexts, or render as a plain URL in others.
     """
-    def __new__(self, url, name):
+    def __new__(self, url, obj):
         ret = six.text_type.__new__(self, url)
-        ret.name = name
+        ret.obj = obj
         return ret
 
     def __getnewargs__(self):
         return(str(self), self.name,)
 
+    @property
+    def name(self):
+        # This ensures that we only called `__str__` lazily,
+        # as in some cases calling __str__ on a model instances *might*
+        # involve a database lookup.
+        return six.text_type(self.obj)
+
     is_hyperlink = True
 
 
@@ -303,9 +310,6 @@ class HyperlinkedRelatedField(RelatedField):
         kwargs = {self.lookup_url_kwarg: lookup_value}
         return self.reverse(view_name, kwargs=kwargs, request=request, format=format)
 
-    def get_name(self, obj):
-        return six.text_type(obj)
-
     def to_internal_value(self, data):
         request = self.context.get('request', None)
         try:
@@ -384,8 +388,7 @@ class HyperlinkedRelatedField(RelatedField):
         if url is None:
             return None
 
-        name = self.get_name(value)
-        return Hyperlink(url, name)
+        return Hyperlink(url, value)
 
 
 class HyperlinkedIdentityField(HyperlinkedRelatedField):
diff --git a/rest_framework/templatetags/rest_framework.py b/rest_framework/templatetags/rest_framework.py
index c1c8a5396..cfba054f6 100644
--- a/rest_framework/templatetags/rest_framework.py
+++ b/rest_framework/templatetags/rest_framework.py
@@ -135,7 +135,8 @@ def add_class(value, css_class):
 @register.filter
 def format_value(value):
     if getattr(value, 'is_hyperlink', False):
-        return mark_safe('<a href=%s>%s</a>' % (value, escape(value.name)))
+        name = six.text_type(value.obj)
+        return mark_safe('<a href=%s>%s</a>' % (value, escape(name)))
     if value is None or isinstance(value, bool):
         return mark_safe('<code>%s</code>' % {True: 'true', False: 'false', None: 'null'}[value])
     elif isinstance(value, list):
diff --git a/tests/test_lazy_hyperlinks.py b/tests/test_lazy_hyperlinks.py
new file mode 100644
index 000000000..cf3ee735f
--- /dev/null
+++ b/tests/test_lazy_hyperlinks.py
@@ -0,0 +1,49 @@
+from django.conf.urls import url
+from django.db import models
+from django.test import TestCase, override_settings
+
+from rest_framework import serializers
+from rest_framework.renderers import JSONRenderer
+from rest_framework.templatetags.rest_framework import format_value
+
+str_called = False
+
+
+class Example(models.Model):
+    text = models.CharField(max_length=100)
+
+    def __str__(self):
+        global str_called
+        str_called = True
+        return 'An example'
+
+
+class ExampleSerializer(serializers.HyperlinkedModelSerializer):
+    class Meta:
+        model = Example
+        fields = ('url', 'id', 'text')
+
+
+def dummy_view(request):
+    pass
+
+
+urlpatterns = [
+    url(r'^example/(?P<pk>[0-9]+)/$', dummy_view, name='example-detail'),
+]
+
+
+@override_settings(ROOT_URLCONF='tests.test_lazy_hyperlinks')
+class TestLazyHyperlinkNames(TestCase):
+    def setUp(self):
+        self.example = Example.objects.create(text='foo')
+
+    def test_lazy_hyperlink_names(self):
+        global str_called
+        context = {'request': None}
+        serializer = ExampleSerializer(self.example, context=context)
+        JSONRenderer().render(serializer.data)
+        assert not str_called
+        hyperlink_string = format_value(serializer.data['url'])
+        assert hyperlink_string == '<a href=/example/1/>An example</a>'
+        assert str_called