Linuxserver/Transmission fails to start up properly (open file limit issue?)

A couple of days ago my transmission container started failing to start up properly.
The log I get is this:

2018-11-25T08:29:16.888048443Z [s6-init] making user provided files available at /var/run/s6/etc...exited 0.
2018-11-25T08:29:16.990039851Z [s6-init] ensuring user provided files have correct perms...exited 0.
2018-11-25T08:29:16.994044736Z [fix-attrs.d] applying ownership & permissions fixes...
2018-11-25T08:29:16.994609845Z [fix-attrs.d] done.
2018-11-25T08:29:16.997061734Z [cont-init.d] executing container initialization scripts...
2018-11-25T08:29:17.000038026Z [cont-init.d] 10-adduser: executing... 
2018-11-25T08:29:17.159014303Z usermod: no changes
2018-11-25T08:29:17.161076737Z 
2018-11-25T08:29:17.161359147Z -------------------------------------
2018-11-25T08:29:17.161556570Z           _         ()
2018-11-25T08:29:17.161758745Z          | |  ___   _    __
2018-11-25T08:29:17.162052797Z          | | / __| | |  /  \ 
2018-11-25T08:29:17.162294689Z          | | \__ \ | | | () |
2018-11-25T08:29:17.162556314Z          |_| |___/ |_|  \__/
2018-11-25T08:29:17.162784981Z 
2018-11-25T08:29:17.163052011Z 
2018-11-25T08:29:17.163188079Z Brought to you by linuxserver.io
2018-11-25T08:29:17.163330244Z We gratefully accept donations at:
2018-11-25T08:29:17.163450688Z https://www.linuxserver.io/donate/
2018-11-25T08:29:17.163566249Z -------------------------------------
2018-11-25T08:29:17.163680938Z GID/UID
2018-11-25T08:29:17.163786435Z -------------------------------------
2018-11-25T08:29:17.167054637Z 
2018-11-25T08:29:17.167303807Z User uid:    1024
2018-11-25T08:29:17.167425965Z User gid:    100
2018-11-25T08:29:17.167531056Z -------------------------------------
2018-11-25T08:29:17.167639110Z 
2018-11-25T08:29:17.175035787Z [cont-init.d] 10-adduser: exited 0.
2018-11-25T08:29:17.175339189Z [cont-init.d] 20-config: executing... 
2018-11-25T08:29:17.190036464Z [cont-init.d] 20-config: exited 0.
2018-11-25T08:29:17.192032211Z [cont-init.d] done.
2018-11-25T08:29:17.194054525Z [services.d] starting services
2018-11-25T08:29:17.226019067Z [services.d] done.
2018-11-25T08:29:36.719909472Z [2018-11-25 09:29:36.716] Transmission 2.94 (d8e60ee44f) started (session.c:740)
2018-11-25T08:29:36.721148202Z [2018-11-25 09:29:36.716] RPC Server Adding address to whitelist: * (rpc-server.c:971)
2018-11-25T08:29:36.721770968Z [2018-11-25 09:29:36.716] RPC Server Serving RPC and Web requests on port 127.0.0.1:9091/transmission/ (rpc-server.c:1213)
2018-11-25T08:29:36.722092155Z [2018-11-25 09:29:36.716] RPC Server Whitelist enabled (rpc-server.c:1217)
2018-11-25T08:29:36.722311265Z [2018-11-25 09:29:36.716] RPC Server Password required (rpc-server.c:1220)
2018-11-25T08:29:36.722667477Z [2018-11-25 09:29:36.716] Port Forwarding Stopped (port-forwarding.c:180)
2018-11-25T08:29:36.722881806Z [2018-11-25 09:29:36.716] UDP Failed to set receive buffer: requested 4194304, got 425984 (tr-udp.c:84)
2018-11-25T08:29:36.869618781Z [2018-11-25 09:29:36.716] UDP Please add the line "net.core.rmem_max = 4194304" to /etc/sysctl.conf (tr-udp.c:89)
2018-11-25T08:29:36.869913175Z [2018-11-25 09:29:36.716] UDP Failed to set send buffer: requested 1048576, got 425984 (tr-udp.c:95)
2018-11-25T08:29:36.870344577Z [2018-11-25 09:29:36.716] UDP Please add the line "net.core.wmem_max = 1048576" to /etc/sysctl.conf (tr-udp.c:100)
2018-11-25T08:29:36.870587570Z [2018-11-25 09:29:36.716] DHT Reusing old id (tr-dht.c:307)
2018-11-25T08:29:36.870776896Z [2018-11-25 09:29:36.716] DHT Bootstrapping from 126 IPv4 nodes (tr-dht.c:156)
2018-11-25T08:29:36.871159844Z [2018-11-25 09:29:36.716] Using settings from "/config" (daemon.c:528)
2018-11-25T08:29:36.871555514Z [2018-11-25 09:29:36.716] Saved "/config/settings.json" (variant.c:1266)
2018-11-25T08:29:36.872152660Z [2018-11-25 09:29:36.716] transmission-daemon requiring authentication (daemon.c:554)
2018-11-25T08:29:36.872413510Z [2018-11-25 09:29:36.717] Watching "/watch" for new .torrent files (daemon.c:573)
2018-11-25T08:29:36.874140610Z [2018-11-25 09:29:36.718] Changed open file limit from 524288 to 1024 (fdlimit.c:380)

Is there a way to increase the maximum open file limit, or is the base issue something else?