There are several ride-sharing companies in the United States, with Uber and Lyft being the two largest.
Lyft operates in more than 600 cities across the country and 12 more in Canada, serving more than 12 million customers thanks to the millions of riders on the platform. But how much money do they make? Here are the details.
How much money do Lyft drivers make in the US?
According to Gridwise, the leading business app for drivers, Lyft drivers typically make around $19.90 an hour. According to the ZipRecruiter website, the average hourly wage for a Lyft driver in the United States is $15.97 per hour.
The job search platform notes that the average annual earnings of drivers on the ridesharing platform are $64,445, based on 146 self-reported earnings.
On the other hand, Glassdoor estimates that the average earnings of a Lyft driver are $19 per hour based on 248 self-reported earnings, which equates to an estimated annual income of $39,520.
This is how Lyft riders make money
Regardless of market factors, Lyft riders can make money in three ways, according to The Motley Fool.
This refers to what a driver earns for performing a ride and is clearly stated before accepting a ride. In the case of Portland, New York City, Toronto, or Washington State, Lyft pays you per minute and per mile, based on the rates in your area, not in advance
Lyft occasionally offers challenges or bonuses, particularly during peak periods and holidays. You can also earn bonuses by driving in bonus zones and completing multiple trips during rush hours.
Lyft deposits earnings into your account on a weekly basis, but you can also receive instant payments with the Lyft Direct Debit card.
