Really all depends on the security requirements of your tenants,
Your thinking is on the right track in most cases VLAN separation is sufficient and I personally would have 1 DvSwitch and a port group per tenant, easy to administer and neat. This is what I currently run with secure multitenancy cloud i recently stood up. this would also ultimately allow you to bring on more tenants as there is only so many pnics that can be jammed in the server. but you can have a heap more port groups.
same scenario as the production/test etc but this time you have tenant A/tenant B etc
The only draw back to this is that you could create a promiscuous port group and tap into all networks, I would see this as a risk and if administered correctly a very small one.
________________________________________
Blog: http://virtualiseme.net.au
VCDX #201
Author of Mastering vRealize Operations Manager