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Need to add MEDIA_URL to the context dictionary for rendering.
Option 1:
from django.template import RequestContext
...
...
...
r = render_to_string('users/search_ajax_template.jade', { 'results': p }, context_instance=RequestContext(request))
Option 2:
from settings import MEDIA_URL
...
...
...
r = render_to_string('users/search_ajax_template.jade', { 'results': p, 'MEDIA_URL': MEDIA_URL })
Source:stackexchange.com