I'm renewing a domain. What are the pros and cons of renewing yearly vs. renewing for multiple years (like price trends, etc.)? If multiple is a good option in your opinion then how many years should I renew it for?
Domain Registars will always give you better deals the longer you renew the domain, but with prices nowadays it's a bit a question of a few dollars here and there.
The most important is to know what do you want to do with your domain, if it's important to you keep it as long as you can, if on the other hand (and by the question I assume so) you're not certain just renew it for one year and give yourself the goal to see what do to about the domain by then. Have in mind that once you don't renew a domain it can always be a dodgy business to try to recover it so it's better to be safe than sorry.
I would go for multiple years, because you won't have to worry about renewing it next year. And, most registrars will offer some kind of discount if you do a multi-year renewal. The downside is that after 3, 5, or 7 years you could forget about it, but that's unlikely because most registrats will bug the bejeezus out of you to renew it :)...