The rise in the construction of hostel buildings to take care of accommodation needs of students in higher institutions of learning has been having effects on waste generation and its management practices. The study was carried out to assess waste generated and adequacy of facilities used in managing streams of waste in privately owned hostel buildings with a view to providing information to enhancing its management practice. This study was carried out in privately owned hostel buildings in Ife Central Local Government Area of Ile-Ife, Osun State, Nigeria. A multi-stage sampling process involving stratification and systematic random sampling technique of the hostels and occupants was used. Preliminary survey was carried out to determine types of hostel facilities, its occupancy pattern and personnel involved in its waste management. Eighteen (18%) out of the 858 occupants of the hostel buildings and eleven (11) waste management personnel were selected during the study. A total of 154 questionnaire was administered on the occupants of the hostel buildings and waste audit exercise was carried out to determine quantities of waste generated by using weighing instrument. The data collected were analyzed with descriptive and inferential methods such as cross tabulation, frequency distribution and mean score analysis. The study found that there was significant variation in the streams of waste generated in the types of hostel buildings sampled. It was found that nylon/polythene bags, covered refuse bin and bucket without cover with mean score value of 3.50, 2.89 and 2.78 respectively were used to collect waste generated. The study also showed variation in the alertness of occupants of the hostels to the severity of environmental conditions of waste generated. It was recommended that waste audit be taken as an integral part of waste management practice with the provision of waste collecting, transporting, disposal facilities and protective equipment in order to prevent environmental hazards associated with waste management.