diff --git a/rules.mk b/rules.mk
index c893f61b0f7..2072658e782 100644
--- a/rules.mk
+++ b/rules.mk
@@ -109,7 +109,7 @@ $(foreach t,$(DEFAULT_SUBDIR_TARGETS) $(1),
 )
 endef
 
-DL_DIR:=$(if $(call qstrip,$(CONFIG_DOWNLOAD_FOLDER)),$(call qstrip,$(CONFIG_DOWNLOAD_FOLDER)),$(TOPDIR)/dl)
+DL_DIR=$(if $(call qstrip,$(CONFIG_DOWNLOAD_FOLDER)),$(call qstrip,$(CONFIG_DOWNLOAD_FOLDER)),$(TOPDIR)/dl)$(if $(DL_SUBDIR),/$(DL_SUBDIR))
 OUTPUT_DIR:=$(if $(call qstrip,$(CONFIG_BINARY_FOLDER)),$(call qstrip,$(CONFIG_BINARY_FOLDER)),$(TOPDIR)/bin)
 BIN_DIR:=$(OUTPUT_DIR)/targets/$(BOARD)/$(SUBTARGET)
 INCLUDE_DIR:=$(TOPDIR)/include