pyinotify yelling no space available

I'm suddenly having the exact same problem with a Django 1.8 project that was running perfectly a few days ago. Moreover, starting manage.py runserver in a different project on the same system does not give me these errors.

For the record I have one partition, 64% used. I even wrote a large file to it with dd to be absolutely sure there is space on the device. Disk is healthy.

EDIT: Yes, increasing max_user_watches as mentioned above does resolve this:

sudo sysctl -n -w fs.inotify.max_user_watches=16384

Maybe a note should be made about this in the Django docs?

https://code.djangoproject.com/ticket/23523