Multi-tenant database best practice

Is there an industry standard best practice when it comes to database design for multi-tenant cloud applications?

I normally use MySQL and can see the pros and cons of co-located databases on a single MySQL server and also for just a single database with protection in place for data separation.

Are there any other ways that I’m not thinking about that are better? And is there any specific best practice resources on what to watch out for?

Thanks in advance! 🙂