Not only possible, but...the only way to renew a PR Card.
Each individual `controls' their own PR status, including their PR Card. If one wants to renew, they do (assuming they have met the Residency Obligation to qualify). Those that chose NOT to renew their card, can simply do nothing.
It's important to note that deciding to not renew a PR Card, does NOT mean that the PR status is lost. It is not. If the PR not only wants to decline to renew the card, but does want to voluntarily terminate their PR status, they must apply to renounce their PR status.