diff --git a/core/lib/Drupal/Core/Config/ConfigFactory.php b/core/lib/Drupal/Core/Config/ConfigFactory.php
index ede482b..fd3f6bc 100644
--- a/core/lib/Drupal/Core/Config/ConfigFactory.php
+++ b/core/lib/Drupal/Core/Config/ConfigFactory.php
@@ -85,4 +85,18 @@ function resetConfig($name) {
       $this->configs[$name]->init();
     }
   }
+
+  function renameConfig($old_name, $new_name) {
+    // This will likely always be TRUE
+    if (isset($this->configs[$old_name])) {
+      $config = $this->configs[$old_name];
+      // Save a clone of the config object in the old slot
+      $this->configs[$old_name] = clone $config;
+
+      // Update the name and re-init the object
+      // then save it in the slot of the new_name
+      $config->setName($new_name)->init();
+      $this->configs[$new_name] = $config;
+    }
+  }
 }
diff --git a/core/lib/Drupal/Core/Config/Entity/ConfigStorageController.php b/core/lib/Drupal/Core/Config/Entity/ConfigStorageController.php
index af37199..fef47d1 100644
--- a/core/lib/Drupal/Core/Config/Entity/ConfigStorageController.php
+++ b/core/lib/Drupal/Core/Config/Entity/ConfigStorageController.php
@@ -288,7 +288,14 @@ public function save(EntityInterface $entity) {
     }
     $config = config($prefix . $id);
     $is_new = $config->isNew();
-    $config->setName($prefix . $entity->id());
+
+    if ($id != $entity->id()) {
+      // We need to keep three things in mind for a rename:
+      // * Storage controller needs to access the original object
+      // * Object should be renamed in ConfigFactory and slot should be updated
+      // * All instances of the Object should be renamed
+      drupal_container()->get('config.factory')->renameConfig($prefix . $id, $prefix . $entity->id());
+    }
 
     if (!$is_new && !isset($entity->original)) {
       $this->resetCache(array($id));
@@ -383,11 +390,6 @@ protected function postSave(EntityInterface $entity, $update) {
     if ($update && !empty($entity->original) && $entity->{$this->idKey} !== $entity->original->{$this->idKey}) {
       // @todo This should just delete the original config object without going
       //   through the API, no?
-      // @todo: We try to delete the original here, but because ConfigFactory
-      //   still things the new one that has been renamed is the original, we
-      //   end up deleting the new config file instead of the old one. Clearing
-      //   the cache fixes this, but isn't the correct approach.
-      drupal_container()->get('config.factory')->resetConfigs();
       $entity->original->delete();
     }
   }