I concur with the answer smarx gave you, but also consider this: If you have multiple tenants and this drives you above a SQL Azure size limit (say, 1GB or 10GB), you'd need to make a jump to the next-larger database, and this could increase your cost beyond what you want:
- 1GB: $10 monthly
- 10GB: $100 monthly
- 50GB: being released in June, presumably 5x10GB cost
So in the case where you're under the 1GB limit with one tenant, but over 1GB with, say, 2-5 tenants, it would be more cost-effective to set up separate 1GB databases for each tenant, and then manage this sharding in your business tier, based on TenantID.