diff --git a/esphome/components/json/json_util.cpp b/esphome/components/json/json_util.cpp
index 2070b312e8..10179c9954 100644
--- a/esphome/components/json/json_util.cpp
+++ b/esphome/components/json/json_util.cpp
@@ -54,9 +54,8 @@ void parse_json(const std::string &data, const json_parse_t &f) {
   const size_t free_heap = heap_caps_get_largest_free_block(MALLOC_CAP_INTERNAL);
 #endif
   bool pass = false;
+  size_t request_size = std::min(free_heap - 2048, (size_t)(data.size() * 1.5));
   do {
-    const size_t request_size = std::min(free_heap - 2048, (size_t)(data.size() * 1.5));
-
     DynamicJsonDocument json_document(request_size);
     if (json_document.memoryPool().buffer() == nullptr) {
       ESP_LOGE(TAG, "Could not allocate memory for JSON document! Requested %u bytes, free heap: %u", request_size,
@@ -76,7 +75,8 @@ void parse_json(const std::string &data, const json_parse_t &f) {
         ESP_LOGE(TAG, "Can not allocate more memory for deserialization. Consider making source string smaller");
         return;
       }
-      ESP_LOGW(TAG, "Increasing memory allocation.");
+      ESP_LOGV(TAG, "Increasing memory allocation.");
+      request_size *= 2;
       continue;
     } else {
       ESP_LOGE(TAG, "JSON parse error: %s", err.c_str());
diff --git a/esphome/const.py b/esphome/const.py
index 8bf303db09..7eeed11271 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -1,6 +1,6 @@
 """Constants used by esphome."""
 
-__version__ = "2022.3.1"
+__version__ = "2022.3.2"
 
 ALLOWED_NAME_CHARS = "abcdefghijklmnopqrstuvwxyz0123456789-_"