diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1d3562620..48aec25f2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -13,6 +13,7 @@ For changes prior to v1.0.0, see the [legacy releases](https://legacy.inertiajs.
 - Fix form helper `transform` return type in React adapter ([#1896](https://github.com/inertiajs/inertia/pull/1896))
 - Use updater function in `setData` in `useForm` hook in React adapter ([#1859](https://github.com/inertiajs/inertia/pull/1859))
 - Skip intercepting non-left button clicks on links ([#1908](https://github.com/inertiajs/inertia/pull/1908), [#1910](https://github.com/inertiajs/inertia/pull/1910))
+- [Svelte] Fix `<Render />` component to respect `preserveState` option ([#1943](https://github.com/inertiajs/inertia/pull/1943))
 - [Svelte] Fix 'received an unexpected slot "default"' warning ([#1941](https://github.com/inertiajs/inertia/pull/1941))
 
 ## [v1.2.0](https://github.com/inertiajs/inertia/compare/v1.1.0...v1.2.0)
diff --git a/packages/svelte/src/lib/components/Render.svelte b/packages/svelte/src/lib/components/Render.svelte
index 4fd9cb7e6..8c1e65e10 100644
--- a/packages/svelte/src/lib/components/Render.svelte
+++ b/packages/svelte/src/lib/components/Render.svelte
@@ -23,20 +23,17 @@
   export let component: ComponentType
   export let props: PageProps = {}
   export let children: RenderProps[] = []
-
-  let prevComponent: ComponentType
-  let key: number
-  $: if (prevComponent !== component) {
-    key = Date.now()
-    prevComponent = component
-  }
 </script>
 
 {#if $store.component}
-  {#key key}
+  <!--
+  Add the `key` only to the last (page) component in the tree.
+  This ensures that the page component re-renders when `preserveState` is disabled,
+  while the layout components are persisted across page changes. -->
+  {#key children?.length === 0 ? $store.key : null}
     {#if children.length > 0}
       <svelte:component this={component} {...props}>
-        {#each children as child, index (component && component.length === index ? $store.key : null)}
+        {#each children as child}
           <svelte:self {...child} />
         {/each}
       </svelte:component>