Uber, Lyft prices rise as demand rebounds post-pandemic

As both ride-share companies face an unprecedented driver shortage, prices for the services have seen at least 40% hike nationwide, according to Rakuten.
2:55 | 06/10/21

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Transcript for Uber, Lyft prices rise as demand rebounds post-pandemic
skyrocketing prices of ride sharing like Uber and Lyft. Demand rebounding after a big drop during the past year. Transportation correspondent gio Benitez joins us from New York's west side highway with details. Good morning, gio. Reporter: Hey, robin, good morning to you. Yeah, both Uber and Lyft are trying to hire back drivers who left earlier in the pandemic and now that means for at least for now we're looking at higher pices and longer wait times. This morning, buckle up. Prices on car services like Uber and Lyft skyrocketing as both major ride share companies face an unprecedented driver shortage. E-commerce company rakuten found nationally it's seeing up to a 40% hike in ride share pricing and some big cities like L.A., Chicago and New York are at times seeing double that. New York City restaurants opened up and grocery stores and people going out to retail enjoying, you know, behaviors that they used to. That created a really strong surge in demand and just weren't the drivers to keep up with that demand so that's when you see high prices. Reporter: Why are the drivers leaving? The ride share guy Harry Campbell who runs a website for ride share drivers says they're looking for other better paying jobs in the gig economy. You see a lot of people switch from ride share over to delivery and not only did they switch but they actually maybe earned more upon. Reporter: To try to woo drivers back Lyft recorded its over version of "Undercover boss" to see if he would make more money moving people or food. Lyft sharing this video. What's it like to be a driver post-pandemic? Reporter: They say he made more money with people than food. The co-founder speaking with "Gma" overnight. With drivers coming back that's incredibly busy and driver earnings are elevated and in some markets have hit all-time highs over the last several months. Reporter: Meanwhile Uber saying it's launching a $250 million driver stimulus to boost earnings for drivers and adding more incentives to bring drivers back. So what do you do right now to save some money? Some cities have other options, for example, New York, Chicago and D.C., they have an app called via, over on the west coast many have one called wings and also make sure you're scheduling rides in advance if you can do that because that way you don't have to pay any of that surge pricing. Folks want to know when will prices drop, gio? Reporter: So they're trying to hire those drivers right now, robin, and it looks like they may be able to start dropping prices by the end of the summer, so still quite a few weeks or even months away. Could you just move a little away from the highway. You're making us a little nervous there. Walk toward the camera. I'm protected here. Just making sure. Thank you, gio. I'm glad you pointed that

This transcript has been automatically generated and may not be 100% accurate.

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