diff --git a/src/Grpc.Net.Client/Internal/GrpcCall.NonGeneric.cs b/src/Grpc.Net.Client/Internal/GrpcCall.NonGeneric.cs
index 9876cf262..1b5af62cd 100644
--- a/src/Grpc.Net.Client/Internal/GrpcCall.NonGeneric.cs
+++ b/src/Grpc.Net.Client/Internal/GrpcCall.NonGeneric.cs
@@ -37,9 +37,34 @@ internal abstract class GrpcCall
     public bool ResponseFinished { get; protected set; }
     public HttpResponseMessage? HttpResponse { get; protected set; }
 
-    public GrpcCallSerializationContext SerializationContext
+    /// <summary>
+    /// Rents a <see cref="GrpcCallSerializationContext"/> for a single serialization and write operation.
+    /// At most one idle context should be cached per <see cref="GrpcCall"/>
+    /// </summary>
+    internal SerializationContextLease RentSerializationContext(CallOptions callOptions)
     {
-        get { return _serializationContext ??= new GrpcCallSerializationContext(this); }
+        var context = Interlocked.Exchange(ref _serializationContext, null) ?? new GrpcCallSerializationContext(this);
+
+        try
+        {
+            context.CallOptions = callOptions;
+            context.Initialize();
+            return new SerializationContextLease(this, context);
+        }
+        catch
+        {
+            // Don't cache a context after initialization fails
+            context.Reset();
+            throw;
+        }
+    }
+
+    /// <summary>
+    /// Returns a context to the cache
+    /// </summary>
+    internal void ReturnSerializationContext(GrpcCallSerializationContext context)
+    {
+        Interlocked.CompareExchange(ref _serializationContext, context, null);
     }
 
     public DefaultDeserializationContext DeserializationContext
diff --git a/src/Grpc.Net.Client/Internal/Http/WinHttpUnaryContent.cs b/src/Grpc.Net.Client/Internal/Http/WinHttpUnaryContent.cs
index 39e946a85..f07816f42 100644
--- a/src/Grpc.Net.Client/Internal/Http/WinHttpUnaryContent.cs
+++ b/src/Grpc.Net.Client/Internal/Http/WinHttpUnaryContent.cs
@@ -77,19 +77,19 @@ protected override bool TryComputeLength(out long length)
 
     private int GetPayloadLength()
     {
-        var serializationContext = _call.SerializationContext;
-        serializationContext.CallOptions = _call.Options;
-        serializationContext.Initialize();
+        var lease = _call.RentSerializationContext(_call.Options);
 
         try
         {
-            _call.Method.RequestMarshaller.ContextualSerializer(_request, serializationContext);
+            _call.Method.RequestMarshaller.ContextualSerializer(_request, lease.Context);
 
-            return serializationContext.GetWrittenPayload().Length;
+            var length = lease.Context.GetWrittenPayload().Length;
+            lease.MarkReusable();
+            return length;
         }
         finally
         {
-            serializationContext.Reset();
+            lease.Dispose();
         }
     }
 }
diff --git a/src/Grpc.Net.Client/Internal/Retry/RetryCallBase.cs b/src/Grpc.Net.Client/Internal/Retry/RetryCallBase.cs
index 15769bb69..891888eef 100644
--- a/src/Grpc.Net.Client/Internal/Retry/RetryCallBase.cs
+++ b/src/Grpc.Net.Client/Internal/Retry/RetryCallBase.cs
@@ -301,20 +301,21 @@ protected bool IsDeadlineExceeded()
 
     protected byte[] SerializePayload(GrpcCall<TRequest, TResponse> call, CallOptions callOptions, TRequest request)
     {
-        var serializationContext = call.SerializationContext;
-        serializationContext.CallOptions = callOptions;
-        serializationContext.Initialize();
+        var lease = call.RentSerializationContext(callOptions);
 
         try
         {
-            call.Method.RequestMarshaller.ContextualSerializer(request, serializationContext);
+            call.Method.RequestMarshaller.ContextualSerializer(request, lease.Context);
 
             // Need to take a copy because the serialization context will returned a rented buffer.
-            return serializationContext.GetWrittenPayload().ToArray();
+            var payload = lease.Context.GetWrittenPayload().ToArray();
+
+            lease.MarkReusable();
+            return payload;
         }
         finally
         {
-            serializationContext.Reset();
+            lease.Dispose();
         }
     }
 
diff --git a/src/Grpc.Net.Client/Internal/SerializationContextLease.cs b/src/Grpc.Net.Client/Internal/SerializationContextLease.cs
new file mode 100644
index 000000000..76ba5a9f6
--- /dev/null
+++ b/src/Grpc.Net.Client/Internal/SerializationContextLease.cs
@@ -0,0 +1,65 @@
+#region Copyright notice and license
+
+// Copyright 2019 The gRPC Authors
+//
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+//
+//     http://www.apache.org/licenses/LICENSE-2.0
+//
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+#endregion
+
+namespace Grpc.Net.Client.Internal;
+
+/// <summary>
+/// A temporary handle to a <see cref="GrpcCallSerializationContext"/> for a single usage.
+///
+/// Callers should:<br/>
+/// - call <see cref="MarkReusable"/> only after successful operation.
+///   Serialization context will be reused by next renter.<br/>
+/// - call <see cref="Dispose"/> once completed <see cref="Context"/> usage.
+/// </summary>
+internal struct SerializationContextLease : IDisposable
+{
+    private readonly GrpcCall _call;
+    private GrpcCallSerializationContext? _context;
+    private bool _reusable;
+
+    internal SerializationContextLease(GrpcCall call, GrpcCallSerializationContext context)
+    {
+        _call = call;
+        _context = context;
+        _reusable = false;
+    }
+
+    public readonly GrpcCallSerializationContext Context => _context!;
+
+    /// <summary>
+    /// Marks the context as safe to hand back for reuse once disposed.
+    /// </summary>
+    public void MarkReusable() => _reusable = true;
+
+    public void Dispose()
+    {
+        var context = _context;
+        if (context == null)
+        {
+            return;
+        }
+
+        _context = null;
+        context.Reset(); // Always release the rented payload buffer.
+
+        if (_reusable)
+        {
+            _call.ReturnSerializationContext(context);
+        }
+    }
+}
diff --git a/src/Grpc.Net.Client/Internal/StreamExtensions.cs b/src/Grpc.Net.Client/Internal/StreamExtensions.cs
index 7048a6fba..0cf84e35c 100644
--- a/src/Grpc.Net.Client/Internal/StreamExtensions.cs
+++ b/src/Grpc.Net.Client/Internal/StreamExtensions.cs
@@ -295,21 +295,22 @@ public static async Task WriteMessageAsync<TMessage>(
         CallOptions callOptions)
     {
         // Sync relevant changes here with other WriteMessageAsync
-        var serializationContext = call.SerializationContext;
-        serializationContext.CallOptions = callOptions;
-        serializationContext.Initialize();
+        var lease = call.RentSerializationContext(callOptions);
         try
         {
             GrpcCallLog.SendingMessage(call.Logger);
 
             // Serialize message first. Need to know size to prefix the length in the header
-            serializer(message, serializationContext);
+            serializer(message, lease.Context);
 
             // Sending the header+content in a single WriteAsync call has significant performance benefits
             // https://github.com/dotnet/runtime/issues/35184#issuecomment-626304981
-            await stream.WriteAsync(serializationContext.GetWrittenPayload(), call.CancellationToken).ConfigureAwait(false);
+            await stream.WriteAsync(lease.Context.GetWrittenPayload(), call.CancellationToken).ConfigureAwait(false);
 
             GrpcCallLog.MessageSent(call.Logger);
+
+            // The write fully completed - safe to hand this context back for reuse.
+            lease.MarkReusable();
         }
         catch (Exception ex)
         {
@@ -328,7 +329,7 @@ public static async Task WriteMessageAsync<TMessage>(
         }
         finally
         {
-            serializationContext.Reset();
+            lease.Dispose();
         }
     }
 
diff --git a/test/Grpc.Net.Client.Tests/GrpcCallSerializationContextTests.cs b/test/Grpc.Net.Client.Tests/GrpcCallSerializationContextTests.cs
index 1f803483f..5107edf89 100644
--- a/test/Grpc.Net.Client.Tests/GrpcCallSerializationContextTests.cs
+++ b/test/Grpc.Net.Client.Tests/GrpcCallSerializationContextTests.cs
@@ -21,6 +21,7 @@
 using Grpc.Core;
 using Grpc.Net.Client.Internal;
 using Grpc.Net.Client.Tests.Infrastructure;
+using Grpc.Tests.Shared;
 using NUnit.Framework;
 
 namespace Grpc.Net.Client.Tests;
@@ -309,6 +310,118 @@ public void Reset_AfterGetBufferWriter_RemovesPayload()
         Assert.AreEqual("Serialization did not return a payload.", ex.Message);
     }
 
+    [Test]
+    public void RentSerializationContext_SequentialUse_ReusesSameInstance()
+    {
+        // Arrange
+        var call = CreateCall();
+
+        // Act - first, fully completed lease.
+        var lease1 = call.RentSerializationContext(new CallOptions());
+        var context1 = lease1.Context;
+        lease1.MarkReusable();
+        lease1.Dispose();
+
+        // A second, later (non-overlapping) lease.
+        var lease2 = call.RentSerializationContext(new CallOptions());
+        var context2 = lease2.Context;
+        lease2.MarkReusable();
+        lease2.Dispose();
+
+        // Assert - context is cached and reused
+        Assert.AreSame(context1, context2);
+    }
+
+    [Test]
+    public void RentSerializationContext_OverlappingUse_DoesNotShareInstance()
+    {
+        // Arrange
+        var call = CreateCall();
+
+        // Act - first lease is rented but not yet returned, simulating a write still in flight 
+        var lease1 = call.RentSerializationContext(new CallOptions());
+
+        // A second lease overlaps with the first.
+        var lease2 = call.RentSerializationContext(new CallOptions());
+
+        try
+        {
+            // Assert - the two overlapping operations must never share the same mutable context/buffer
+            Assert.AreNotSame(lease1.Context, lease2.Context);
+        }
+        finally
+        {
+            lease1.Dispose();
+            lease2.Dispose();
+        }
+    }
+
+    [Test]
+    public void RentSerializationContext_NotMarkedReusable_IsNotCached()
+    {
+        // Arrange
+        var call = CreateCall();
+
+        // Act - a lease that is disposed without MarkReusable must not be handed back for reuse.
+        var lease1 = call.RentSerializationContext(new CallOptions());
+        var context1 = lease1.Context;
+        lease1.Dispose();
+
+        var lease2 = call.RentSerializationContext(new CallOptions());
+
+        try
+        {
+            // Assert
+            Assert.AreNotSame(context1, lease2.Context);
+        }
+        finally
+        {
+            lease2.MarkReusable();
+            lease2.Dispose();
+        }
+    }
+
+    [Test]
+    public async Task WriteMessageAsync_ConcurrentWrites_PayloadsAreIndependent()
+    {
+        // Arrange
+        var call = CreateCall();
+        var stream1 = new BlockingWriteStream();
+        var stream2 = new BlockingWriteStream();
+
+        // Act
+        var writeTask1 = stream1.WriteMessageAsync(call, (byte)1, SerializeByte, new CallOptions());
+        var payload1 = await stream1.WriteStartedTask.DefaultTimeout();
+
+        var writeTask2 = stream2.WriteMessageAsync(call, (byte)2, SerializeByte, new CallOptions());
+        var payload2 = await stream2.WriteStartedTask.DefaultTimeout();
+
+        try
+        {
+            // Assert
+            Assert.AreEqual(1, payload1.Span[GrpcProtocolConstants.HeaderSize]);
+            Assert.AreEqual(2, payload2.Span[GrpcProtocolConstants.HeaderSize]);
+        }
+        finally
+        {
+            stream1.Continue();
+            stream2.Continue();
+        }
+
+        await Task.WhenAll(writeTask1, writeTask2).DefaultTimeout();
+
+        static void SerializeByte(byte value, SerializationContext serializationContext)
+        {
+            serializationContext.SetPayloadLength(1);
+
+            var bufferWriter = serializationContext.GetBufferWriter();
+            bufferWriter.GetSpan(1)[0] = value;
+            bufferWriter.Advance(1);
+
+            serializationContext.Complete();
+        }
+    }
+
     private class TestGrpcCall : GrpcCall
     {
         public TestGrpcCall(CallOptions options, GrpcChannel channel) : base(options, channel)
@@ -321,7 +434,56 @@ public TestGrpcCall(CallOptions options, GrpcChannel channel) : base(options, ch
         public override Task<Status> CallTask => Task.FromResult(Status.DefaultCancelled);
     }
 
+    private sealed class BlockingWriteStream : Stream
+    {
+        private readonly TaskCompletionSource<ReadOnlyMemory<byte>> _writeStartedTcs = new TaskCompletionSource<ReadOnlyMemory<byte>>(TaskCreationOptions.RunContinuationsAsynchronously);
+        private readonly TaskCompletionSource<object?> _continueTcs = new TaskCompletionSource<object?>(TaskCreationOptions.RunContinuationsAsynchronously);
+
+        public Task<ReadOnlyMemory<byte>> WriteStartedTask => _writeStartedTcs.Task;
+
+        public void Continue() => _continueTcs.TrySetResult(null);
+
+        public override bool CanRead => false;
+        public override bool CanSeek => false;
+        public override bool CanWrite => true;
+        public override long Length => throw new NotSupportedException();
+        public override long Position
+        {
+            get => throw new NotSupportedException();
+            set => throw new NotSupportedException();
+        }
+
+        public override void Flush()
+        {
+        }
+
+        public override int Read(byte[] buffer, int offset, int count) => throw new NotSupportedException();
+        public override long Seek(long offset, SeekOrigin origin) => throw new NotSupportedException();
+        public override void SetLength(long value) => throw new NotSupportedException();
+        public override void Write(byte[] buffer, int offset, int count) => throw new NotSupportedException();
+
+#if NET462
+        public override async Task WriteAsync(byte[] buffer, int offset, int count, CancellationToken cancellationToken)
+        {
+            _writeStartedTcs.TrySetResult(buffer.AsMemory(offset, count));
+            await _continueTcs.Task.ConfigureAwait(false);
+        }
+#else
+        public override async ValueTask WriteAsync(ReadOnlyMemory<byte> buffer, CancellationToken cancellationToken = default)
+        {
+            _writeStartedTcs.TrySetResult(buffer);
+            await _continueTcs.Task.ConfigureAwait(false);
+        }
+#endif
+    }
+
     private GrpcCallSerializationContext CreateSerializationContext(string? requestGrpcEncoding = null, int? maxSendMessageSize = null)
+    {
+        var call = CreateCall(requestGrpcEncoding, maxSendMessageSize);
+        return new GrpcCallSerializationContext(call);
+    }
+
+    private TestGrpcCall CreateCall(string? requestGrpcEncoding = null, int? maxSendMessageSize = null)
     {
         var channelOptions = new GrpcChannelOptions();
         channelOptions.MaxSendMessageSize = maxSendMessageSize;
@@ -330,7 +492,7 @@ private GrpcCallSerializationContext CreateSerializationContext(string? requestG
         var call = new TestGrpcCall(new CallOptions(), GrpcChannel.ForAddress("http://localhost", channelOptions));
         call.RequestGrpcEncoding = requestGrpcEncoding ?? "identity";
 
-        return new GrpcCallSerializationContext(call);
+        return call;
     }
 
     private static (bool Compressed, int Length) DecodeHeader(ReadOnlySpan<byte> buffer)