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Why Uber and Lyft rides are so expensive now

The cost of a ride from a ride-sharing app like Uber or Lyft increased 92% between January 2018 and July 2021, according to Rakuten Intelligence. Many riders have also noticed increased wait times for rides, and the recent driver shortage is mainly to blame.
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Tue, Aug 31 20218:00 AM EDT

The cost of a ride from a ride-sharing app like Uber or Lyft increased 92% between January 2018 and July 2021, according to Rakuten Intelligence. Many riders have also noticed increased wait times for rides. One reason is because the companies are facing a driver shortage. In early July 2021, Uber and Lyft drivers were about 40% below capacity.

The companies have taken notice of this driver shortage, and are investing millions worth of bonuses and base rates to convince drivers to return. But will it be enough to get drivers back on the roads?

Watch the video to learn more.