Every router I have worked with allows this, but it is a pain in the ****. I have used Linksys and Cisco as well as the Apple AirPort Extreme (this one I would have to verify for sure).
Keep in mind, MAC addys can be spoofed with a reg tweak.
I've been using a D-Links 655, which will not allow me to set time limits, even though the function is there, it doesn't work.
I've contacted D-Links Tech Support, which usually is pretty good, but they were not able to resolve the issue.
They told me that my Router was defective and sent me a new one. That also would not work. They sent me a second new Router and that too did not work.
So, I'm still using my old D-Links 655 Router, which works just fine, except that I cannot use the function to set time limits.
So, I need to get a different Router and soon ... Because for now I will need to delete the MAC addresses of anyone (three teenagers!) who does not cooperate. This will be a major problem, because I might need to delete, then re-enter two or three MAC addresses everyday ... !!!