LIC Citi Bike riders can expect an annual membership price increase on March 1

Citi Bike will increase its annual membership fee starting March 1.
File photo

Long Island City residents who use Citi Bike can expect an increase in their annual membership fee starting on March 1.

The bike-sharing program announced on Tuesday that the annual fee would increase from $149 to $155. Annual members can still pay the fee in monthly installments of $14.95 and NYCHA residents will still pay a discounted $60 fee for annual membership.

The company also announced that NYCHA residents will have the option to pay for their membership in $5 monthly installments.

The company said in a blog post that the increase is being implemented “to keep up with the costs of administering a growing and improving system at the level of quality riders have come to expect from Citi Bike.”

Citi Bike is 40 percent larger than it was last year and an additional 100 stations are planned for 2016, according to the blog.

REQX Ventures bought a controlling share of the company in 2014 after it began losing money. The real estate company increased the membership fee from $95 to $149, updated Citi Bike software, including its mobile app, redesigned the bike and expanded bike stations to Queens, Brooklyn and Manhattan.