Does quality of accommodation matter for academic excellence among undergraduate students in a public university? Does the emerging alternative accommodation provided by private investors maintain quality standards favorable for high academic performance? These questions formed the core of this study which was based on Education Production Function model. Adopting a descriptive survey design, the study targeted 30,339 students living in the private hostels around Kenyatta University. Questionnaires were administered to a total of 395 undergraduate students sampled using stratified and random sampling techniques, and one director of student affairs purposively selected. In addition, 10 Private Accommodation Providers (PAPs) as well as the director of accommodation services, having been purposively selected, were interviewed. Descriptive and inferential statistical analysis revealed that 58.3% of hostels had poor quality sanitary facilities and 65.4% of hostels did not have internet connectivity. Further, a statistically significant positive correlation (p=.008) exists between adequacy of the room and academic performance of students. The study recommends that the University engages more private developers in a public private partnership in the development of more hostels, direct more resources through social responsibility towards improving the infrastructure in areas with high student population and offer PAPs training on ideal student accommodation.