You\'ll have to bear with me here for possibly getting some of the terminology slightly wrong as I wasn\'t even aware that this fell into the whole \'multi-tenant\' \'softwa
When many years ago I designed a platform for building SaaS applications in PHP, I opted for the third option: multi tenant code and single tenant databases.
In my experience, that is the most scalable option, but it also needs a set of scripts to propagate changes when updating code, DB schemes, enabling applications to a tenant, etc.
So a lot of my effort went in building a component based, extensible engine to fully automate all those tasks and minimize system administration stuff. I strongly advise to build such an architecture if you want to adopt the third option.