diff --git a/tenant_schemas/template_loaders.py b/tenant_schemas/template_loaders.py
index 6224a268..6e966c5c 100644
--- a/tenant_schemas/template_loaders.py
+++ b/tenant_schemas/template_loaders.py
@@ -38,7 +38,9 @@ def __init__(self, engine, loaders):
 
     @staticmethod
     def cache_key(template_name, template_dirs):
-        if connection.tenant and template_dirs:
+        if connection.tenant:
+            if not template_dirs:
+                template_dirs = settings.MULTITENANT_TEMPLATE_DIRS
             return '-'.join([str(connection.tenant.pk), template_name,
                              hashlib.sha1(force_bytes('|'.join(template_dirs))).hexdigest()])
         if template_dirs: