You can try iomad if your tenant is not that much of big scale as in iomad every tenant data will be on a common database and if your tenant is of big scale I would suggest going for separate database for separate tenant keeping codebase common it will reduce your future complexities.
A "tenant" in Iomad does not need any separate database at all. A tenant is just all the tables for the company structures, which are very modest and add little load to the Moodle database. You do not need to architecture Iomad any differently than you would architecture a straight Moodle instance of the same size, viz. number of users, concurrent access, type of activities, logging level, etc., all the typical things that bring load challenges for Moodle.
I don't know whether it is relevant or not: I noticed that you joined the moodle.org community only today.
Any way, mutli-tenancy is a recurring topic. See
Workplace will be GPL v3 (because it's based on Moodle) - but the GPL doesn't actually require "free public download"
There are a number of tools/forks (some based on Moodle) that operate this way. Hopefully it will just introduce another income stream for Moodle HQ and allow Moodle to grow stronger - particularly as HQ have stated that many of the "Workplace" features will be pushed back into the core/free download release at some point in future.
Personally - I really like the UX/UI for the new reportbuilder that I've seen in the workplace demos - I just hope that's something that ends up in the core release because I want to use it in my plugins!
Of course, Workplace will cost money (albeit a percentage of that will go back to Moodle to progress development) and you can try Iomad for free.
Interestingly, the summary of Martin's speech below that quote does not mention multi-tenancy.