Citi Bike users will face higher rates starting Thursday as the company implements its third consecutive yearly fare increase, the bikesharing company said. 

Single trips will rise from $4.49 to $4.79, and nonmembers will see a four-cent per minute hike from 26 cents to 30 cents for rides exceeding 30 minutes. Members will also see an increase from 17 cents to 20 cents per minute for rides surpassing 45 minutes.

Annual memberships, starting Jan. 29, will jump from $205 to $219.99. Day pass prices will remain at $19, however, extra time and e-bike fees will both increase to 30 cents per minute.

Reduced fare bike share members will maintain their $5 monthly fee but will encounter a rise in extra time charges to 20 cents per minute, with e-bike fees increasing to 10 cents per minute.

Citi Bike annual members and Lyft Pink All Access members will witness an increase in the cap for e-bike rides, lasting 45 minutes or less, entering or exiting Manhattan, now set at $4. However, Lyft Pink All Access members will not experience a change in their annual membership price.

Meanwhile, Citi Bike is introducing a new member perk, granting all new members 60 free e-bike minutes, with current members receiving the bonus when their membership renews.

Citi Bike announced the fare increases on its website, stating they are essential to "improve bikesharing in New York City" and "support growing operations and continued expansion," promising users would "see more station upgrades and next-gen e-bikes."

The announcement came as Citi Bike reported a record-setting year in 2023, with more than 1.4 million bikers taking nearly 36 million rides.